Bitcoin payment app, Mode, is reportedly pursuing a stock exchange listing in the U.K.
The move comes amid a flurry of developments in the U.K. crypto banking scene with participating firms obtaining approvals from regulators to operate as money transmitters.
Bitcoin Payment Services Going Mainstream
According to The Telegraph, e-payment service Mode is working towards a $52 million listing on the London Stock Exchange (LSE). The company is also hoping to raise an initial $10 million from a private equity sale ahead of the LSE listing.
Mode, backed by Twitter co-founder Biz Stone operates a Bitcoin banking mobile app available across the world except in the U.S. The platform allows customers to purchase BTC via credit card or bank transfers.
Mode’s planned LSE listing comes during an IPO drought at the London Stock exchange since the start of the coronavirus pandemic. Indeed, as reported by CNN, the LSE is set to see its first major IPO in almost three months with e-commerce giant Hut Group gearing up for a $6 billion public offering.
Commenting on the planned LSE listing, Mode founder Jonathan Rowland remarked that the move is the first step in expanding the company’s presence in the fintech arena. According to Rowland, Mode aims to challenge payment stables like Revolut and Monzo while emulating the successes of the likes of Alipay in being a full-spectrum fintech service.
The company is also in partnership with Chinese payment behemoths WeChat Pay and Alipay. These collaborations enable some of its clients who deal with Chinese customers.
While Mode refers to itself as a Bitcoin bank, the company is yet to apply for a banking license. However, Mode does have an electronic payment license and could see competition from the likes of Ziglu, another crypto bank that recently obtained clearance from the U.K.’s Financial Conduct Authority (FCA) to operate a money transmission business.
The FCA continues to maintain strict control over the U.K.’s growing crypto scene. As previously reported by BeInCrypto, the regulatory agency has been expanding its crypto supervision mandate since the start of 2020.