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October 25, 2022

Mode Explained

Why we’re adding more tokens to the app

While the rest of the team is busy at work building new features for our community, we thought we’d head over here and give you a little update on the move.

trending, popular cryptocurrency tokens stacked together in an animated way

By Amy W

We announced last month that we’re going to be adding new tokens to the app - making them available to buy, sell, and trade for our entire user base. As an FCA-registered firm, it was especially important to us to share this news with our community, as the move will mark one crucial step further towards enabling a trusted and secure ecosystem for crypto adoption in the UK to grow.

Why the move? 🚙

The world is evolving, fast.

In the age of technology, we’ve seen more global developments across fundamental economic areas than the industrial revolution likely saw in its lifespan, and many would suggest that this is just the beginning. Crypto was born in 2008 off the back end of an economic crash, and since its inception has shown resilience and growing dominance in an otherwise very traditional world of finance. What started with Bitcoin has since flourished into a fully-fledged new financial ecosystem that’s been making noise and getting quite the notice on a daily basis in recent years. We believe in Bitcoin. We also believe in blockchain technology, the cryptocurrency landscape, and just about all things Web3.

While we’ve still got our sights set on our mission - to empower people with the tools they need to leverage the crypto space - we can’t ignore the fact that the space is bigger than Bitcoin alone. We want to arm our community with the tools to really get the most out of this growing economy, and in order to do that, we feel it’s only right to expand our app and diversify our offerings. In line with the move, we’ve also been looking at expanding wallet options - including a non-custodial wallet alongside our custodial wallet - to enable our customers to access and leverage the wide-spanning tools in the growing Web3 space more easily.

TLDR: we want to make the crypto space easy, accessible, and secure for all.

Ready... Set... Stack!

What does it mean for you? 👋

The app you know and love will essentially be the same - just with a little more on offer. You’ll be able to buy & sell tokens securely within the app, and in v2 of the launch, you’ll be able to send & receive these additional tokens too.

Your Bitcoin/GBP holdings will remain unaffected and you’ll still be able to buy, sell, send and receive these as you always have.

With the launch of additional tokens, we’ll also be working continually to improve the user experience within the app and build a smooth, frictionless route into the world of Web3.

What about Bitcoin? 🚀

Make no mistake, we love Bitcoin. We’re still bullish as ever, and we’re ready for the moon. The reason we’re adding more tokens is simple: we believe in them too.

Crypto and Web3 are a part of technological and economical evolution, and the space expands far beyond Bitcoin alone. The tokens we’ll be adding have their own fundamental role within the space, and we see it as an integral part of our mission that our customers have safe, secure, and trusted access to them through our app.

We’ll be offering education within our academy about each and every token we add to ensure you feel as though you have the full picture before making any big decisions, so keep your eyes peeled for more.

Ready to start learning? Visit the academy here.

What’s next? 🛣

We’ve already announced the first 10 tokens that we’ll be adding to the app.

Where from there? Hold up - we’ve got to leave a little to the element of surprise, no? 👀

The first iteration of our multi-token launch will offer the opportunity to buy & sell the different tokens available within the app. We will be launching the ability to send, receive, and earn the various tokens in-app after the initial launch of the tokens.

Until next time,

Happy hodling!

Want to keep in touch with the latest? Follow us on Twitter.

T&C’s apply. Redemption and withdrawal limits apply. Digital Assets are not UK-regulated. No FOS/FSCS on Cryptoasset-related services & products. Gains may attract Capital Gain Tax. Mode does not offer any financial or investment advice.

Fibermode Limited trading as Mode is a registered Cryptoasset firm with the UK Financial Conduct Authority, pursuant to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. Firm Reference Number: 928786. Greyfoxx Limited is an authorised and regulated firm with the UK Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money and payment instruments. Firm Reference Number: 901025. Mode Global Holdings PLC is a public limited company incorporated and registered under the laws of England and Wales with company number 12794676.

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