Home » Mode adds new tokens as it bolsters its crypto trading offering
Ethereum (ETH) is now available to buy and sell for all Mode app users, with Solana, Polkadot and more to follow
Move follows FCA agreement to add up to ten new tokens to the platform
27 October 2022: Mode Global Holdings PLC (LSE: MODE), the LSE-listed Fintech Group, has today announced that it is adding new cryptoassets to the platform.
Up to ten new crypto assets will be added in a phased approach, with Ethereum (ETH) available to Mode users from today, following a successful soft launch to a select number of users one week ago. Initially, users will be able to trade these new tokens along with longstanding cryptoasset Bitcoin. Other features synonymous with Mode, such as cashback paid in crypto, being able to pay with crypto and getting part or all of your salary paid in crypto are all part of the future roadmap.
Rita Liu, CEO of Mode commented: “We established Mode with a new and disruptive business model, using Bitcoin as the foundation. Now that our product set is established and we’ve grown, we feel it’s the right time to add a more diverse line up of tokens. For example, in traditional fiat investing, diversifying a portfolio is important to help spread risk – crypto is no different, so we’re delighted to be able to offer more cryptoassets to Mode users.
“This is an exciting time for Mode. As an FCA registered business and listed firm, we take our user needs very seriously, providing them with a safe and trusted platform to engage – be that actively or passively – with crypto. Slowly adding these tokens will allow users to set their risk appetite and engage more broadly. Plus, with the minimum purchase now reduced to £20, investors can gain exposure with a small investment. However, before investing, users should remember to research the asset, read the whitepaper and understand the use case before making a decision to invest or not.”
The new tokens will be added in a phased approach, starting with Ethereum, which is available for trading from today. Mode then plans to add further tokens over the ensuing weeks, including Solana and Polkadot. Up to ten new tokens are planned to be added to the platform as has been previously agreed and approved by the FCA.
Liu concluded: “We believe crypto is the future, and fast becoming an integral part of the financial services ecosystem. Despite recent price volatility, the sheer scale of investment – both by retail and institutional investors – shows that many believe in the concept, and now is a time for the industry to consolidate and put in place the infrastructure to support future growth.”