Sep 7, 2020 at 12:50 UTCUpdated Sep 7, 2020 at 13:48 UTC
(Courtesy of Mode Banking)
A new app that allows users to buy bitcoin, as well as earn interest on holdings, is reportedly looking at going public in the U.K.
- The Daily Telegraph reported Sunday that Mode Banking is expected to announce plans for a £40 million stock market listing sometime in the next month.
- The firm, which was officially incorporated as Mode Global Holdings PLC in August, is also looking to raise £7.5 million ($9.87 million) from investors ahead of the flotation, according to the report.
- CoinDesk understands that Mode has already raised £4 million ($5.26 million) and is hoping to list on the London Stock Exchange.
- An announcement of the final venue may be on the cards in as little as a month.
- Mode’s founder is Jonathan Rowland, who founded online investment company Jellyworks at the height of the dotcom boom in 2000.
- Jellyworks’ value soared to over £300 million on its first day of trading on the London Stock Exchange, but had fallen back down to roughly $67 million at the time it was acquired by Shore Capital.
- In August, Mode announced it had hired former Alipay exec Rita Liu to lead company strategy and commercial partnerships.
- Customer assets are held with custodial provider BitGo, which has insurance coverage “for up to $100 million” through Lloyds of London.
See also: NYSE Can Allow Firms to Raise Funding Through Direct Listings, Says SEC
UPDATE (Sept. 7, 13:50 UTC): This article has been updated to clarify that Mode Banking uses custodial provider BitGo to hold customer assets.
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