FinTech Mode launches new interest-generating offering- Bitcoin Jar
London-based FinTech Mode Banking has announced the release of a new interest- generating product for Bitcoin along with a new app redesign for 2020. Bitcoin Jar, the new release, will enable Mode’s customers to utilize their Bitcoin and generate interest in Bitcoin. The new solution is expected to utilize the potential of the digital asset.
The FinTech’s Bitcoin Jar is expected to provide users with access to higher-interest earning products with a 5% APY for the first eight weeks after launch with no lock-up periods. Bitcoin Jar users can withdraw their funds any time with no lock-in period or fees on deposits and withdrawals. The interest is cumulated daily, compounded and paid at weekly intervals.
Janis Legler, Head of Products and Partnerships at Mode, explained, “We’re excited to offer our new Bitcoin Jar feature. Decentralised finance products are becoming increasingly sophisticated, rivalling that of traditional banking and savings products. At Mode, we see a strong future for interest-bearing accounts for digital assets, which is why we’ve made it our aim to make them available globally, to every kind of investor and traditional banking app user.”
Mode has also partnered with New York-based lending solutions provider, Celsius Network. Celsius generates yield by lending out Bitcoin and other digital assets to borrowers.
“Celsius is proud to be a part of Mode’s newest product launch,” said Celsius CEO, Alex Mashinksy. “With a commitment to do what is best for the crypto community, we are proud to partner with Mode, which shares our same values.”
Recently, Mode announced its partnership with digital asset and financial services provider, BitGo in a bid to integrate with the latter’s custody services.
Founded in 2018, Mode aims to combine the benefits of traditional and digital finance through its newly created mobile application.
Author: Megha Bhattacharya