Risk off the table for Mode
“…We have sold 90% of our #Bitcoin in Treasury for around 100% profit. We are adding #Ethereum and other Top 5 coins to our product…”
The founder of Mode Global Holdings has been on a bit of press junket lately as he reinforces the message that as the largest shareholder, chairman and now chief executive, he is the right person to lead the crypto asset firm as “no one else knows the business” as well as he does.
Jonathan Rowland took on the mantle of CEO when former boss Ryan Moore left the role in January, but contrary to city rumours Moore remains a supporter of the company and as one of the early seed investors has maintained his shareholding.
What Rowland can tell shareholders is that he gave himself two weeks to create a plan for 2022 and this was shared with staff this week, as was the news that the company is firmly entrenched in the “PayMeInBitcoin” ecosystem enabling e-commerce platform Heroes introduce the initiative to its staff.
Rowland is mulling whether to share that plan on the public website which houses the information relating to the company’s app which has nailed the Android version and is fixing the bugs in a legacy iOS system. And regardless of which smart phone you own, download the app over the next month and get £10 in bitcoin which is an incentive that may tempt even the most cryptophobic.
Rowland is confident of partnerships aplenty with the much heralded affiliate product on course for a Q2 2022 launch which will more than make up for a nuancing wobble last year when the company announced such a scheme with retailers including Ocado, Homebase and Boots.
It was true, but the statement was news to some of the bigger brands who were unaware of how their own affiliate schemes worked and distanced themselves from Mode’s statement.
The silver lining to this episode is that one of the aforementioned big names is keen for a partnership, and universally big brands have now got a handle on affiliate and loyalty schemes, so overall it was good thing, just not at the time.
Listen to Jonathan talk to Sarah Lowther about reversing its model to accommodate a card for customers who prefer the physical, and how a savvy treasury liquidation call has bolstered Mode’s balance sheet.
Watch Jonathan speak to Proactive London’s Katie Pilbeam about the bitcoin payroll partnership with e-commerce platform Heroes. #PayMeInBitcoin
Access the post AGM presentation
Follow the company on Twitter – @modeplc
The author was remunerated but does not hold shares in the company
