Mode Global offers bitcoin cashback
(Picture: PA Archive)The CEO of bitcoin cash back app Mode Global has resigned two months after being forced to “clarify” that the company was not working with some of the UK’s top retailers.
Mode Global said CEO Ryan Moore left on Wednesday. He was in charge for just nine months, according to his LinkedIn profile.
Jonathan Rowland, Mode’s executive chair, said: “I would like to thank Ryan for his contribution to Mode over his time as CEO. I wish him well in all his future endeavours.”
Rowland, Mode’s founder, struck a different tone on Twitter, saying he had “cleared the decks to take control of the business.” He will now take over day-to-day running of the company.
“I am the largest shareholder/ founder and the future looks very bright for Mode,” Rowland, and the son of the Duke of York’s close friend and advisor David ‘Spotty’ Rowland, tweeted. “Thanks for your support and in my opinion there is no better value today than Mode.”
Shares fell as much as 14% in early trade but eased back to trade 7.7% lower by mid-afternoon.
The shake-up follows an embarrassing and damaging saga last November surrounding the roll-out of Mode’s product.
Last year the company said its bitcoin cash back scheme was set to launch in partnership with 40 retailers in 2022, including Boots, Homebase and Ocado. Moore said the launch would put the world’s preeminent cryptocurrency “into the hands of millions of customers across the UK”. Rowland tweeted that his business was “delivering as promised” and said: “We have only just begun.” The news sending Mode’s stock surging.
However, Mode was quickly forced to “clarify” the claims after all three retailers denied they were involved.
Mode said the retailers had been signed up “through a number of intermediary affiliate platforms,” but said: “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 Some of those specified brands have since withdrawn Mode as an affiliate.”
Shares promptly slumped.
Rowland tweeted today that his business was “dedicated to disrupting modern financial services through our groundbreaking offering and products.”
“It was always my goal to do things properly and within a blue chip jurisdiction such as The FCA,” he tweeted, “It took longer and was more costly but it is [sic] workin.”
