UK fintech Mode is to extend its Bitcoin Cashback offering to 40+ merchants in Q2 2022 as part of a standalone product, giving consumers the opportunity to build a stake in bitcoin, without taking on the risk of investing
Customers will be able to browse Cashback offers at participating retailers on the Mode app, before going to the selected retailer’s website to complete the purchase. Bitcoin rewards will be credited into the customer’s Mode account.
Retailers at launch will include household names such as Ocado, Homebase, and Boots.
Ryan Moore, CEO of Mode, comments: "This marks a major step in making the asset class more accessible to consumers of all demographics, ultimately bringing bitcoin into the hands of millions of customers across the UK.”
However, the launch has become mired in controversy after Boots and Ocado distanced themselves, prompting a fall in the company's share price on the London Stock Exchange.
A spokesperson for Boots says: “Boots is not involved with this scheme. We have not been directly approached by Mode and they have used our name without permission in their press release and marketing materials.”
The Mail Online reported that the deal between Mode and the unnamed retailers was completed through a global affiliate marketing network called Awin which represents a series of major brands. Boots said it is reviewing its position with its legal team.