Mode Global Holdings PLC (LON:MODE) reported “strong growth” in its Bitcoin trading volumes during the first quarter amid a sharp increase in new customers.
The financial technology group said that Bitcoin trading volumes in the period increased 316% compared to the fourth quarter of 2020, while the number of new customers jumped 200% over the same period as the price of Bitcoin reached record highs.
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Mode said its trading levels had been almost exclusively driven by buying activity for Bitcoin, with spikes in activity around specific market news events including the US$1.5bn Bitcoin investment announced by Tesla Inc (NASDAQ:TSLA) in early February.
"Following a record-breaking December, it's fantastic to see continued triple-digit growth in Bitcoin trading volumes and new user onboardings over [the first quarter]. We continue to see strong uptake from our new customers who enjoy how seamless it is to open their accounts in minutes and start buying Bitcoin 24/7 - any day of the week. We've had a particularly successful launch on Android, the app has been very well received by the community and continues to rise through the ranks of the Google Play store. Retail customers continue to remain bullish. Even in short term corrections, our customers love to buy the dip", Mode’s chief product officer Janis Legler said in a statement.
"Bitcoin continues to outperform all major asset classes this year and is attracting a growing number of institutions, funds, banks and corporates. Investors are seeking credible ways to get exposure and Mode remains to be one of only a handful of options in UK public markets. Since listing on the LSE main market in October 2020, we've seen consistent strong growth. But this is only the start and we are focused on building on this momentum with the launch of our new Open Banking powered payments and loyalty features, which will see higher volumes of customers and businesses sign up to Mode", added executive chairman Jonathan Rowland.