By Samuel Indyk
Investing.com – Mode Global Holdings (LON:MODE) shares were trading higher on Thursday morning after the company announced it is to expand its Bitcoin Cashback offering to over 40 retailers in the second quarter of next year, as part of a standalone affiliate product.
Companies at launch include some of the most famous UK high-street and online retailers, including Ocado (LON:OCDO), Boots, and Homebase.
Customers will be able to browse the cashback offers at participating retailers on the Mode app, before being redirected to the selected retailer’s website to complete purchases. The Bitcoin Cashback will then be credited to the customer’s Mode account.
“I am delighted to announce the development of our Bitcoin Cashback offering as a standalone product, following the fantastic response from our customers, and accelerating appetite for the cryptocurrency,” said Mode Global CEO Ryan Moore. “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.”
Mode’s Bitcoin Cashback is currently live at THG (LON:THG) brands, including Myprotein, Lookfantastic, and The-Hut.com. Initial purchases at these brands receive 10% cashback in Bitcoin immediately after the transaction. Existing customers receive 5% back in Bitcoin for new and repeat purchases.
It is unclear whether the details will be the same when the feature is rolled out to the additional retailers next year.
At 10:30GMT, Mode Global shares were trading higher by 12.8% at 42.90 pence per share.