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July 8, 2021

App Features

How we safely store your Bitcoin

As Bitcoin and other crypto currencies have taken a place within the global financial markets, regulators all over the world have faced challenging questions about how to do their job in such a new and fast-changing space.

Written by - Pippa H

As Bitcoin and other crypto currencies have taken a place within the global financial markets, regulators all over the world have faced challenging questions about how to do their job in such a new and fast-changing space. The lack of trusted companies, concerns about regulation, combined with the significant price volatility in crypto assets, means that customers are unsure where and how they can securely store their funds.

In entering the world of Bitcoin, customers should start by questioning whether they are okay with volatility, and if they can afford for their crypto assets to fluctuate in value. As with all high-risk, speculative investments, customers should make sure they understand what they’re investing in, the risks associated with investing, and the regulatory protections that apply. Further, they should check and carefully consider the crypto asset business involved - many of which do not comply with all relevant regulatory requirements.

At Mode, our goal is to provide the most trusted and secure route into Bitcoin, and enable our users to maximise their Bitcoin holdings. A well recognised way to accomplish this is to hold and grow your Bitcoin over a long time horizon. We do this by offering a highly trusted, secure and effortless experience, with accessibility at its core. We take a thoroughly vetted, compliance first approach to achieving this, which is why we truly believe it when we say that your Bitcoin is safely stored with Mode.

The safety of your funds is our core priority, so we have worked hard to secure the relevant regulatory milestones to achieve the highest possible level of compliance. Mode has recently become the only LSE listed company to hold both an Electronic Money Institution licence (EMI) and a Cryptoasset registration from the Financial Conduct Authority (FCA), which is a mandatory requirement for businesses conducting legitimate crypto activities in the UK.

Since 10 January 2021, all UK crypto asset firms must be registered with the FCA to tackle money laundering - operating without a registration is deemed a criminal offence. Customers should check if the firm they’re using is on the Financial Conduct Authority Cryptoasset Register to ensure that the firm is operating legally, and the FCA has deemed them to be fit and proper. More than 90 per cent of the virtual exchange companies that initially tried to meet FCA standards to become registered crypto firms have withdrawn their applications, which proves the stringent requirements that firms must meet in order to comply.  

At Mode, we believe in building accessibility, transparency and credibility around Bitcoin. That is one of the reasons why we chose to IPO on the LSE in October (2020), making us one of the first financial services companies in the UK and around the world to be public and have a consumer Bitcoin offering.

As a publicly listed company, we've spent the last year building our business around security and compliance, and today we can say our ecosystem is powered by transparency, strong oversight and a portfolio of FCA licences, which sets us apart from our competition.

Mode holds your Bitcoin in custody with market leading crypto custodian, BitGo. The majority of our customers’ Bitcoin is stored in ‘cold storage’ which is not accessible from the internet, and is therefore protected from cyber attacks. Crypto funds held in cold storage with BitGo are also insured up to US$100M, by Lloyds of London.

Additionally, all GBP funds are held with our FCA authorised and EMI licenced partner Modulr, who hold an account in the Bank of England’s Real-Time gross Settlement (RTGS) system, allowing them to directly settle with participants and remove their reliance on third party providers.

We also leverage the power of Open Banking technology to instantly and securely transfer funds directly from your bank, using your bank’s secure environment. Our app is safeguarded using security best practices, such as Strong Customer Authentication (SCA) including biometric security, making it a trusted way to move and store your money.

We’re proud to deliver a trusted and secure environment, where our customers can feel confident using our products. Our portfolio of licences, secure cold storage system and compliance first approach showcase why we’re a trusted provider of crypto asset services. To recap, we’ve put together a round up of how your funds are protected with Mode:

  • We’re the only LSE listed company to hold both an FCA EMI license and Cryptoasset registration.
  • We’re publicly listed, and our ecosystem is powered by transparency, strong oversight and a portfolio of FCA licences.
  • We use a secure cold storage system for our Bitcoin reserves.
  • We’re compliant with security best practices, such as SCA and biometric security.

We’ve also made our live chat support available 7 days a week, so we’re always on hand to help you out, whenever you may need it. If you have any questions, please do not hesitate to reach out to our customer support team at support@modeapp.com or get in touch via the in-app chat.

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We’ve scrapped the fees. You’re welcome!

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45d : 23h : 11m : 32s

45d : 23h : 11m : 32s