FinTech group Mode Global Holdings (“Mode”) says that next year UK residents will be able to use its highly popular mobile app to “supercharge” their online shopping some of the country’s most popular merchants with Bitcoin cashback.
Mode, which was founded in 2019, offers two main products:
- For consumers, it offers the Mode app, which allows them to (1) makes it easy to buy/hold Bitcoin; (2) send Bitcoin (free to other Mode users); (3) use their GBP balance to pay for goods/services and receive cashback paid in Bitcoin on select purchases.
- For businesses, it offers an Open Banking payments and loyalty platform that helps them to avoid high debit/credit card processing fees and to boost customer loyalty.
According to a report published by CityAM earlier today, in 2022, Mode is launching a new Bitcoin reward scheme involving over 40 new merchant partners (including Boots, Homebase, and Ocado).
Mode CEO Ryan Moore had this to say on the new partnerships:
“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.“
The CityAM report went on to say that cashback payments would be “jointly funded by open-banking platform Mode and its partner brands” and that “he amount of cash back customers receive under the new programmes is expected to be in line with Mode’s existing loyalty schemes with THG and LK Bennett which see customers receive between five and ten per cent cash back on purchases.”
He also added:
“What we’re really trying to do is provide a lower risk entry point to crypto by giving customers the opportunity to passively earn Bitcoin without taking on the individual risk of investing… People are looking for new ways to grow their wealth and take control of their finances… We believe Bitcoin is the best asset to do that with.“
Yesterday (November 17), Mode made another interesting announcement. From November 17 until December 31, customers are “able to enjoy 0% trading fees when buying and selling Bitcoin, as part of a limited time campaign to make Bitcoin more accessible to millions across the UK.”
Furthermore, Mode has entered a strategic partnership with crypto influencer and investor Anthony Pompliano (aka “Pomp”), who is a Partner at Morgan Creek Digital Assets, as well as the Host of “The Pomp Podcast” and YouTube series “The Best Business Show“. This collaboration will “see Mode working with Pompliano to tap into and expand the growing Bitcoin market.”
As previously reported by CryptoGlobe, on June 24, Mode announced that it had become the only company listed in the London Stock Exchange (LSE) to receive from the UK’s financial regulator an Electronic Money Institution (EMI) licence and an AMLD5 registration. Per the press release, the EMI license from the UK’s Financial Conduct Authority (FCA), which was granted to Mode subsidiary Greyfoxx Limited, will “enable Mode to offer a range of innovative financial services to both businesses and consumers in the UK.”
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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