Mode looks to reset with launch of bitcoin cashback

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ryp­to fin­tech busi­ness Mode has sought to reset its busi­ness with the launch of a new bit­coin cash­back scheme, months after an embar­rass­ing climb­down that led to the exit of its CEO.

The com­pa­ny today offi­cial­ly launched its new bit­coin cash­back prod­uct, the geni­sis of which was at the heart of an embar­rass­ing issue that knocked the company’s shares last year.

In Novem­ber, Mode plum­met­ed 20% after the company’s claims of part­ner­ships with a num­ber of High Street retail­ers were rebuffed. Boots and Oca­do, who Mode said were part of the scheme, said they had no involvement.

Mode sub­se­quent­ly issued a “clar­i­fi­ca­tion state­ment” say­ing its scheme involved part­ner­ships with affil­i­ate pro­grammes, rather than direct rela­tion­ships with retailers.

“As with all affil­i­ate pro­grammes of this nature, it is at the dis­cre­tion of the retail­er as to how long they wish to remain involved in the pro­gramme,” Mode said at the time. “Some of those spec­i­fied brands have since with­drawn Mode as an affiliate.”

CEO Ryan Moore lat­er quit the com­pa­ny after just nine months in charge. Founder Jonathan Row­land said on Twit­ter he had “cleared the decks to take con­trol of the business.” 

New CEO Rita Liu, a for­mer Ali­pay exec­u­tive, said today: “We now have an attrac­tive suite of cryp­to prod­ucts as we look to build on our unique posi­tion as an LSE-list­ed and FCA-reg­is­tered cryp­to fin­tech firm.”

The “Bit­coin Cash­back” affil­i­ate pro­gramme lets shop­pers earn cash­back in Bit­coin when they shop online at cer­tain stores.

Found­ed in 2019, Mode was launched as an all-in-one cryp­to pay­ments app, allow­ing cus­tomers to buy, earn and store Bit­coin. The com­pa­ny also offers a Bit­coin pay­roll scheme, allow­ing employ­ers to pay staff month­ly using cryptocurrencies.

Row­land, who chairs Mode, is the son of the Duke of York’s close friend and advi­sor David ‘Spot­ty’ Rowland.

Shares climbed 3.6% in ear­ly trad­ing.

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