London-listed Mode Global Holdings PLC (LSE:MODE) has told investors that it will be expanding its Bitcoin cashback product with more than 40 further merchants – including Ocado, Homebase and Boots - joining the programme by the second quarter of 2022.
The customer rewards programme allows customers in the United Kingdom to earn Bitcoin off the back of their everyday purchases.
Mode’s expansion to add high profile retailers to the platform marks “a major step” in making cryptocurrencies accessible to consumers of all demographics, according to Mode chief executive Ryan Moore.
"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,” Moore said in a statement.
The rewards programme will ultimately bring Bitcoin into the hands of millions of customers across the UK, Moore added.
Mode says its Bitcoin Cashback programme is an alternative to traditional loyalty and cashback programmes that can provide benefits that are hard to withdraw, slow to redeem or irrelevant to the customer. Instead, it’s platform allows consumers to build a stake in Bitcoin, without taking on the risks of investing.
Bitcoin values are accumulated in a customers Mode account, where they can be stored or transferred to an FCA registered exchange.
The programme also aims to help retailers to boost loyalty amongst higher value demographics.