Mode tumbles after Ocado, Boots and Homebase deny involvement in bitcoin scheme

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Mod Global was forced to ‘clarify’ a statement on its bitcoin cashback plan after Okado, Boots and Homebase declined to be involved.

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Rabbit crashed into a London-listed fintech business today after it claimed it was working with some of the UK’s top retailers on a bitcoin cashback scheme.

Mode sank 20% in the global open after being forced to issue a “clarification statement” on the plan launched a day earlier.

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Mode on Thursday said it is launching bitcoin cashback next year in partnership with 40 retailers, including Okado, Homebase and Boots. CEO Ryan Moore said the announcement is a “major step” that will help “put bitcoin into the hands of millions of customers across the UK.”

Chair and founder Jonathan Rowland, son of David ‘Spotty’ Rowland, a close friend and advisor to the Duke of York tweeted That mode was “delivering as promised” and suggested that his business was “Contacted” with Amazon, Shares rose 16%.

Ocado, Homebase and Boots all later denied involvement in the project.

A Boots spokesperson said: “Boots is not associated with this plan. We have not been contacted directly by Mod and have used our names in their press releases and marketing materials without permission.”

Okado said: “Okado has never had any association with Mode, nor has any involvement with their announcement since 18.th November 2021.”

Homebase could not be reached for comment but told the Times that it was not involved in Mod’s project.

Today, Mod was forced to “clarify” his earlier statement. The company said it had engaged with “some specific brands” through an affiliate program rather than directly. Multiple sources with direct knowledge of the situation said Evin was at the event concerned.

Affiliate programs do not require direct approval from the end companies. However, many people have now actively blocked the mod since yesterday’s release.

The company said: “Some of those specific brands have withdrawn Mod as an affiliate.”

Boots is believed to be among the companies that have blocked the mod.

The head of marketing at CoinCorner, another cryptocurrency business that offers bitcoin cashback, said he was fired by Boots in the wake of Mod’s announcement.

“CoinCorner has partnered with Boots for over a year without any problems – they are one of our most popular traders,” Molly Spears wrote on Twitter, Sharing a candid email from Boots.

Mod has still vowed to launch its bitcoin cashback program early next year.

On Twitter, Roland replied to a tweet Saying that he “totally expects” Boots, Okado and Homebase[s] Connecting with them in a positive way with good outcome in future.”

He tweeted: “We have clarified the statement and we are comfortable with what we released yesterday as it was accurate. Some brands do not wish to be affiliated with crypto despite having approved us through the affiliate process. Unfortunately we Can’t control it.”

Shares of Mode Global closed down 6p or 15% at 34p.

The rapid closure of the scheme raises questions on the approval process for the original details. Mode was mentored by Maitland AMO, a well-known city firm that claims to be “Europe’s leading financial, corporate and political communications consultancy”. Broker Arden Partners helped release the market statement.

Maitland and Arden both declined to comment.

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