Mode fintech trading is surging 950% on the Bitcoin rush

LSE-listed fintech, Mode Global Holdings (LON: MODE), has been on the right side of the recent surge in Bitcoin, with the company reporting platform trading volumes spiked 950% between August and November .

The company said customers have been using their app to buy and hold Bitcoin as the cryptocurrency hit its highest price since 2017. Mode Global added that about 80% of trades that occurred during the three-month period were purchases , with total app assets under custody increasing by 210%, and app volume increasing by nearly 500%.

Bitcoin trading volumes on Mode Global

Jonathan Rowland, Executive Chairman of Mode, commented on the recent trends: “We have seen an unprecedented interest in buying and holding Bitcoin just as the market rally really started. That coincided with the chaotic US elections that brought market volatility, as well as the UK lockdown with all the economic uncertainty this entails. In the longer term, economists anticipate that the unprecedented financial support we are seeing to launch to tackle the pandemic crisis will boost inflation. We believe this will only increase demand for inflation hedges and diversification strategies such as investing in Bitcoin. ”

Mode Group added that the increase in trading volumes and custody assets it has witnessed reflects Bitcoin’s strong performance over the past few months, which has gained as much as 75% in USD terms since August, and nearly 300 % since its March. nadir about eight months ago.

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The company itself is also capitalizing on the recent popularity of alternative currencies, with up to 10% of its own treasury holdings now allocated to Bitcoin. These recent shifts follow the news that Mode Global has become one of the first consumer-focused digital banking apps to list on London’s main market. The company added that about 80% of Bitcoin held on the app has now switched from user accounts to the app’s Bitcoin Jars, which offers APY a 5% interest saver.