Mode Global Holdings PLC (LSE:MODE) updated the market on plans for its Bitcoin cashback rewards product.
The company outlined how the consumer rewards product works – Mode receives commissions from retailers in GBP which it then converts into Bitcoin and credits to the customer’s account.
It repeated Thursday’s announcement that more than 40 online retailers have accepted Mode onto their existing affiliate programmes.
However, it added, “certain specific brands were referenced [in Thursday’s announcement] who, at that time, had approved Mode to be part of their affiliate programmes, through a number of intermediary affiliate platforms.
“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 Some of those specified brands have since withdrawn Mode as an affiliate.”
Mode said its Bitcoin cashback product will launch in the first quarter of 2022 and a full list of participating retailers, as well as the details of their affiliate cashback terms, will be displayed in the Mode app at the time of launch.
On Thursday, Mode shares spiked around 30% to 43p from 33p as initial details about the new product were announced. Today, the share was down 13% from yesterday's close - changing hands at around 34.5p.