Mode Global Holdings (MODE) said it has officially launched the Group’s anticipated Android app which it said is expected to attract ‘thousands of new customers’ over the coming weeks.
Mode’s new Android app, which offers the same core features as its existing iOS version, will
enable customers to easily sign up, make free and instant GBP bank transfers, Open Banking top ups in British pounds, as well as start buying Bitcoin in ‘just minutes’, it told investors.
As a result of Mode’s Bitcoin Jar product, which the Group noted has gained popularity since its launch, customers will also be able to get rewarded for holding their Bitcoin on the app.
The Company has estimated that Android users represent ‘more than half of the cryptocurrency population’, which means the opportunity will present to the Group ‘a much wider market size to scale and the opportunity to significantly accelerate our user growth.’
"After the initial launch of the Mode app on iOS, it quickly became apparent that we needed to release an Android version as soon as possible to satisfy the untapped demand from retail investors for our easy-to-use Bitcoin product,” said Chief Product Officer, Janis Legler.
Shares in Mode Global Holdings have increased by nearly 40% in value since the beginning of January 2021. The stock was trading 4.10% lower during late morning trading at 58.5p.
“For the past few months, the engineering and design teams have been working really hard to deliver an experience that feels special on Android, yet still unmistakably Mode. Mode has launched the UK's easiest and fastest way to buy, hold and grow Bitcoin, all in one place.”
The Group noted that the Mode app has seen its customer numbers grow by 500% from August to December 2020, ranking no2 in the App Store's UK finance category. The Group highlighted that the app has proven ‘highly popular amongst first-time Bitcoin investors’.
"Releasing the Android app is a very exciting milestone for the development and expansion of Mode. Today marks another key step in our mission to provide investors with access to next-generation Bitcoin products,” said Jonathan Rowland, Mode’s Executive Chairman.
Separately, Mode reported this morning that January was ‘another record-breaking month’ in terms of Bitcoin traded on Mode, with volumes growing by more than 130% compared to December 2020. Since August, Mode's trading volumes have grown 110% month-on-month.
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