Shares in fintech company Mode Global (MODE:AIM) plunged 14% to 34.3p on Friday after it said retailers Ocado (OCDO), Homebase and Boots would not be part of its bitcoin cash-back affiliate programme as it had claimed only a day earlier.
The company commented, ‘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. Some of those specified brands have since withdrawn Mode as an affiliate.'
At one point yesterday the shares surged more than 15% on higher than normal trading volumes and social media was abuzz with excitement. The Times reported there was even speculation about a potential tie-up with US retail giant Amazon.
However, all three UK retailers denied any involvement with Mode’s affiliate programme after being contacted by The Times while Boots told the newspaper its name had been used without permission and it had not been contacted directly.
Mode said the full list of participating retailers and details of cash-back terms would be displayed on its app at the time of launch, which is expected to be in the second quarter of 2022.
Customers will be able to browse cash-back offers by participating retailers on the Mode app, and after making a purchase bitcoin would be credited to the customer’s account where they could store it or take advantage of the company’s FCA (financial conduct authority) registered exchange.
