UK-based crypto startup, Mode, has asked customers to remove their funds from the app as it begins winding down its services.
The company announced on Twitter that it will wind down its services due to unsuccessful funding and challenging market conditions.
Mode last raised £2 million through the issue of convertible loan notes in July 2022, which followed publication of the firm’s positive 2021 results. In 2021, Mode saw users grow by 261% over the year, with 70% of trading customers being repeat buyers. Trading volume had also increased by 732% compared to the same period in 2020.
Mode is helmed by ex-AliPay UK CEO, Rita Liu, and had made other notable appointments during 2022 including Dr Jose Sanchez Loureda as CTO, while Mike Robertson and David Shrier joined Mode's board of directors.
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