Bitstocks sees bumper surge in transaction volumes, powered by Modulr
- Transaction volumes on Bitstocks’ Gravity platform increased by 50% in November and 37% in December 2020, with an average deposit of £3,300 per user
- The City of London’s first bitcoin market advisory and investment firm is creating a new kind of financial ecosystem based on public ledger technology
- Harnessing the Modulr platform, Bitstocks is eliminating payments inefficiencies and making payments secure, reliable and frictionless
3rd February 2021, London, UK: Bitstocks, the London-based fintech scale-up, has seen monthly transaction volumes increase on its Gravity platform by nearly 14% on average month-on-month since partnering with Payments-as-a-Service FinTech Modulr. The average deposit on the Gravity platform is now £3,300 per user.
Prior to partnering with Modulr as an EMD Agent in August 2020, Bitstocks saw modest increases in transaction volumes, with a monthly average increase of just over 1%. Since then, monthly transaction volumes have increased sevenfold, increasing by 50% in November and more than a third (37%) in December last year. The Gravity platform now has over £5m assets under management.
The uptick in transaction volumes was buoyed both by the price surge in the Bitcoin market towards the end of 2020, and the seamless integration with the Faster Payments Scheme and SEPA Bitstocks gained through the Modulr platform. This enabled Bitstocks’ users to deposit into their investment accounts to buy and sell Bitcoin.
Harnessing the power of the Modulr platform, Bitstocks has put payments at the heart of its Gravity ecosystem; eliminating process inefficiencies and ensuring the way its users make payments is a secure, reliable and frictionless experience.
Michael Hudson, CEO of Bitstocks said, “We had identified that Bitstocks needed a fast and smart banking partner for our Gravity platform. From the very beginning, we’ve always taken compliance and regulation incredibly seriously. Our relationship with Modulr has given us more stability, continuity and credibility, and we’ve been able to build real momentum as a result. We’re actively embracing transparency, and with Modulr’s support, building the financial infrastructure of tomorrow, today.”
Myles Stephenson, CEO of Modulr commented, “We have an affinity with Bitstocks. It was similar frustrations with payments inefficiencies that inspired us to build the efficient, reliable and robust payments platform that underpins the innovative Bitstocks solution today. The significant increases in transaction volumes are testament to the power of efficient payments processes. We look forward to collaborating with Bitstocks to drive further developments in their Gravity ecosystem.”
Bitstocks has leveraged Modulr’s direct participation in the Faster Payments scheme and its direct relationship with the Bank of England to get a packaged and regulated service. With Modulr’s fiat payments plumbing behind the scenes, users of Bitstocks’ Gravity platform can enjoy a frictionless front-end experience and first-class UI for buying and selling Bitcoin. Fiat and crypto can be switched instantly and easily, with unrestricted deposits and withdrawals.
Modulr provides access to fiat payment systems and eMoney accounts. Modulr does not offer access to cryptocurrencies.
Notes to editor
Bitstocks Ltd (FRN: 902839) is an EMD agent of Modulr FS Limited (FRN: FRN 900573)
Modulr is the Payments as a Service API platform for digital businesses. It integrates into any product or system. Modulr’s new type of payment accounts are built for businesses that need a faster, easier and more reliable way to move money. Businesses can automate payment flows, embed payments into their platforms and build entirely new payment products and services themselves. All managed in real-time, 24/7 from one API.
Modulr, based in London, Edinburgh and Dublin, powers the underlying payments for customers including EverUp, Revolut, Sage and Iwoca.
Modulr’s API makes it easy for businesses to streamline existing services, launch new products and scale more efficiently. Modulr Finance Limited (FRN 900699) is registered with the Financial Conduct Authority as an EMD Agent of Modulr FS Limited (FRN 900573). Modulr FS Limited is an Authorised Electronic Money Institution, regulated by the Financial Conduct Authority. Modulr FS Europe Limited (638002) is authorised by the Central Bank of Ireland as an Electronic Money Institution.
Bitstocks was founded in 2014 with an ethos to Educate, Empower and Evolve. Gravity, our connected Bitcoin ecosystem will enable users to benefit from everyday financial products and services, backed by the power and scale of Bitcoin. Bitstocks Media produces high-quality content around all things bitcoin, fintech and beyond.