UK-based digital asset wallet Mode to shut down
London-based digital wallet provider Mode is shutting down, citing issues with funding and the tough macroeconomic climate.
Mode begins winding down operations
Announcing the news on Twitter, Mode says that “due to unsuccessful funding and difficult market conditions, Mode will be winding down its services”.
“As a result of this, we kindly ask customers to move their funds from the app. After you remove your funds, we will close your account automatically,” the firm adds.
Mode has asked users to be patient, claiming the app may take longer to process fund transfers given the news. “Not to worry, your funds are safe and will be transferred according to your request,” it writes.
The digital wallet, which allowed users to buy Bitcoin (BTC) and other cryptocurrencies directly with bank transfers as well as earn cashback in the form of crypto, had high hopes following the launch of its app in 2021.
The company’s goal was to be “the most trusted crypto company, enabling customers to discover, own, and utilise digital assets”.
But now, shares in the company have plummeted, dropping from a 77p peak in February 2021 at a valuation estimated to be around £62 million, to just half a penny last week, This Is Money reports.
According to This Is Money, CEO Rita Liu resigned earlier in January. Liu joined Mode in March 2020 as chief commercial officer (CCO) and became the start-up’s CEO two years later. Prior to that, she spent nearly a decade at Alipay in various roles, most recently as CEO of Alipay UK.
