As Coronavirus continues to spread and affect every aspect of life, we must keep doing everything we can to help combat this crisis. At Mode, to show our support, we decided to donate to the UK’s National Healthcare System (NHS) the equivalent of ten times what we give to our users in interest for the next four weeks from our new interest-generating account for Bitcoin. The product, which we called ‘Bitcoin Jar’, allows anyone who holds Bitcoin to deposit their holdings with us and earn 5% APY without any lock-in periods or withdrawal limitations – making it one of the most flexible, high-yield products in the Bitcoin market.
The money we raise will go towards the Imperial Health Charity’s Covid -19 Relief Fund, https://www.justgiving.com/campaign/help-our-nhs, which supports the five London hospitals of the Imperial College Healthcare NHS Trust – Charing Cross, Hammersmith, Queen Charlotte’s and Chelsea, St Mary’s and the Western Eye.
So far, Imperial Health Charity’s Covid-19 Relief Fund has raised £324,567, and this money will provide emergency funds to help its hospital staff cope with the extraordinary demands of fighting the virus. It will also be used to support vulnerable patients at its hospitals who face sudden and unexpected financial difficulties as a result of their stay.
Our Head of Marketing and Communications, Ariane Murphy, shared: “We are a new fintech and only launched our Bitcoin app earlier this year, however, we are keen to support our local NHS in any way we can, and we thought this was a novel way to get involved and at the same time include our customers in the process.”
We generate interest by working with market-leading cryptocurrency lending providers including New York-based Celsius Network. Celsius Network generates yield by lending out Bitcoin and other digital assets to carefully vetted borrowers.
Bitcoin Jar users are free to withdraw their funds at any time, with no lock-in periods and no fees on deposits or withdrawals. Interest is accrued daily, compounded and paid at weekly intervals. This provides a major advantage over most investment or interest-generating products out there, which often come with withdrawal restrictions, fees and/or penalties.
To open your Bitcoin Jar and show your support, log into your app and click ‘Create Jar’ from the Home screen. To download Mode, visit the App Store: apple.co/2ZbEo8h