Modus clarifies crypto-cashback offer after rejection of individual dealers

The Fintech Group FinTech group, which was listed in London, had to withdraw due to claims that it would grant buyers from retailers such as boots, homebase, homebase and ocado cashback in Bitcoin after the companies had held their participation.

The shares of fashion rose by up to 15 percent after the announcement on Thursday, only to fall by 14 percent on Friday after the company was forced to publish an explanation to clarify its previous claims.

fashion said it was still planned to launch its crypto-cashback product in the second quarter of 2022 and stated that he had more than 40 online retailers on board.

However, the company said on Friday that "certain specific brands were mentioned that had approved fashion as part of their partner programs at that time.

boots, ocado and home base said they were not involved in the fashion scheme. The Dementi were first reported by The Times.

boots said: "We were not addressed directly by fashion and they used our name in their press releases and marketing materials without permission."

ocado said that "never had a connection to fashion or participation in its announcement of November 18, 2021".

Jonathan Rowland, chairman of fashion, said on Twitter: "We are satisfied with what we published [on Thursday] because it was right. Some brands do not want to be associated with crypto, although they have approved us through the affiliate process. Unfortunately, we cannot control that."

fashion was founded by Rowland six years ago to use "the strength of pioneering innovations" including Bitcoin. As the son of the former treasurer of the conservative party David "Spotty" Rowland, his company offers a Bitcoin investment platform and payment services for dealers. It was listed in London in October last year.

fashion announced a Bitcoin cashback program with THG on October 12th.

Jonathan Rowland was previously CEO of the Banque Havilland and co-founder of Redwood Bank, which small companies in the southeast and northwest of England offers savings and mortgage services.

At the time of the first announcement, Ryan Moore, CEO of Mode: This is an important step to make the investment class more accessible to consumers of all demographies and ultimately bring Bitcoin into the hands of millions of customers across the UK. ”