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- Mode Global, a Bitcoin integration company, has not partnered with three major British retailers
- Mode said that Boots, Ocado, and Homebase were part of its new Bitcoin cashback scheme
- All three denied participation, leading to a drop in Mode’s share price after a bounce
Three major UK retailers have rejected claims from Mode Global, a Bitcoin payment integration company, that they have signed up to a scheme that would have offered bitcoin cashback. Mode Global had included Boots, Homebase, and Ocado in a list of 40 companies that had, according to Mode Global, signed up to the cryptocurrency cashback scheme, which it announced on Thursday. The news sent Mode Global’s share price soaring by 15%, but by Friday the company was in backpedal mode as the three retailers denied any involvement.
Bitcoin Cashback Scheme Initially Included Major Retailers
Mode Global named the three retailers specifically in its announcement of the bitcoin cashback scheme the company had introduced, one of some 40 names supposedly taking part. Mode Global CEO Ryan Moore announced on Thursday that, “Retailers at launch will include Ocado, Homebase and Boots, enabling millions of customers in the UK to earn bitcoin with everyday purchases.”
This announcement naturally garnered immediate exposure in mainstream media outlets on Thursday, an event that, naturally, had an impact on the share price, which seemed to have arrested a nine-month slide with a jump from £33 ($45) to £45 ($60).
Companies Deny Mode Global Partnership
By yesterday however things weren’t looking so rosy, with Ocado telling The Times that “we’re not involved in this” while Homebase told the paper that it “is not involved in any projects with Mode”. Boots stated that it is “not involved with this scheme”, adding that it had “not been directly approached by Mode and they have used our name without permission in their press release and marketing materials.”
This had the anticipated impact on the share price which performed a quick u-turn and ended up where it had started. Whether the whole thing was a genuine mix up of a PR stunt remains to be seen, but Mode Global could be in trouble with regulators if it was the latter.