Crypto fintech business Mode launches bitcoin cashback scheme
Crypto fintech business Mode has launched a new bitcoin cashback product months after loss in credibility due to partnerships with high street retailers that were rebuffed. The cashback scheme will let shoppers earn cashback in Bitcoin from shopping online at select stores. Mode founder Jonathan Rowland stepped up as CEO after Ryan Moore left the company. The “Bitcoin Cashback” affiliate programme is a part of Mode’s unique position as an FCA-registered and LSE-listed crypto fintech firm.
Loss in credibility due to partnerships with high street retailers
Mode’s credibility as a fintech firm was knocked in November last year when companies like Boots and Ocado publicly denied involvement in the company’s claims of partnerships with a number of High Street retailers. The claims resulted in a 20% plummet in Mode’s shares. The issue then led to the exit of Ryan Moore, the CEO at the time, after just nine months of service. Founder Jonathan Rowland said on Twitter how he had “cleared the decks to take control of the business.” Rita Liu, former Alipay executive, is the new CEO at Mode.
Mode’s history and other offerings
Mode was launched in 2019 as an all-in-one crypto payments app, enabling customers to buy, earn and store Bitcoin. The company also offers a Bitcoin payroll scheme, allowing employers to pay staff monthly using cryptocurrencies. Shares climbed 3.6% in early trading. Mode has sought to reset its business with the launch of a bitcoin cashback scheme.
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