London-based financial services firm Mode has announced its first product – a crypto-backed lending platform for businesses – will launch later this month.
The company is aiming to become the UK’s first fully-regulated digital-asset bank as it works on building an ecosystem of products and services designed to bridge the gap between digital and traditional finance.
The service is aimed at companies which hold Bitcoin and Ethereum – whether through direct purchase, investment, or as payment from clients. Terms of up to 90 days are offered, with further extensions possible which can be repaid at any time without incurring fees.
Mode is a subsidiary of fintech group R8 – an umbrella organisation over Mode and sister company JGOO, which is a mobile payments platform providing brands with direct access to the emerging Chinese market and connects UK brands to Chinese shoppers and tourists.
R8 was divested out of the Redwood Bank Group two years ago after being launched by Jonathan Rowland, also the co-founder of Redwood Bank.
Mode is currently under the stewardship of CEO Alex Ryvkin (pictured) who expressed his determination to offer a “business-first” service.
“Holders of both traditional and digital assets are demanding solutions that mix the best of both old and new finance,” he said.
“This is where Mode enters the equation, and we trust that our approach will enable us to create a reliable environment that makes lending, investing, and borrowing safer for everyone.
“Today, most crypto-backed lending solutions in the market are created with retail customers in mind – this is why we chose to design a product that catered to the needs of companies in the ecosystem, ensuring they have equal access to the capital that will help them successfully grow their business and further advance the tokenised economy.”
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