London-based financial services challenger Mode has announced its first product, a lending solution for businesses that hold digital assets such as Bitcoin or Ether, is due to launch later this month.
In 2018, 2,284 initial coin offerings (ICOs) raised a total of £11.4 billion. With the digital asset ecosystem including a range of industries from software developers and miners to marketers and lawyers, many companies now hold significant capital in the digital economy – whether through direct purchase, investment or as payment from clients. However, these digital-asset-rich but often cash-poor companies, often struggle to make use their assets in the real world.
Mode’s lending solution provides companies that hold such digital assets with the capital they need; while ensuring they maintain full ownership and 100 per cent of the profits, should the price of their assets go up.
An attractive alternative to business financing, the product will help these companies alleviate their short-term financing needs by leveraging the value of their holdings.
As a special launch offer, Mode is offering early access rates for customers who sign up by June 15, 2019.
Initially, the product will be offered in Pounds and Euros and will cater for customers holding Bitcoin and Ether; with support for further digital assets to be rolled out in the coming months.
Mode, a subsidiary of fintech group R8 Limited, aims to become the first fully-regulated, digital-asset bank in the UK, and is actively working to build an ecosystem of products and services that combines the best aspects of traditional and digital finance.
Alex Ryvkin, CEO of Mode, said, “Holders of both traditional and digital assets are demanding solutions that mix the best of old and new finance. This is where Mode enters the equation. We trust that our approach will enable us to create a safe and reliable environment that makes lending, investing and borrowing more accessible to everyone.”
He also added, “Our first product will enable companies that hold digital assets to leverage the value of their holdings; retaining future market appreciation while having access to the fiat currency still needed to run their business operations today.”
Based in London, the team at Mode has extensive experience in the UK and European financial sectors. Mode is determined to work hand-in-hand with regulators across various jurisdictions, including the UK and Europe, as the team understands the intrinsic value of regulation and the security it gives to customers.
Mode believes that to accelerate the transition to a truly digital financial system, the world must have access to digital-asset friendly services and products that everyone feels safe using.
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