Bitcoin cashback announcement ends in controversy for UK fintech Mode
Major retailers Boots and Ocado have distanced themselves from an announcement claiming they would offer customers cash back in Bitcoin.
Today London-listed fintech Mode announced it would be adding more than 40 UK retailers including Boots, Ocado and Homebase to its crypto cashback rewards scheme.
However, in comments to City PM both Boots and Ocado denied agreeing to participate. Homebase has not responded to City PM’s request for comment at the time of writing.
A spokesperson for Boots said, “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.”
Mode maintains that the announcement, published to the London Stock Exchange’s news service, was correct. In a statement a spokesperson said that Mode “confirms the launch of its standalone Bitcoin Cashback affiliate product.”
“At the time of Mode’s RNS announcement at 7am this morning, Homebase, Boots and Ocado were amongst the multiple brands that accepted Mode to be part of their affiliate program, through a number of intermediary affiliate platforms,” the statement added, claiming that the Bitcoin cashback scheme had been signed off by companies representing the brands.
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.
Mode already provides Bitcoin cash back to customers through confirmed partnerships with LK Bennet and around 30 brands represented by THG group. Company shares were lifted by as much as 9.3 per cent today, reaching highs of 44.6p following the announcement.