Dozens of major UK retailers are reportedly planning to offer customers cashback in bitcoin starting next year through a new loyalty scheme.
According to Citi AM, the bitcoin cashback option will be powered by fintech firm Mode, and will allow customers to earn up to 10 percent crypto rewards for online purchases at partner stores.
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Mode’s CEO Ryan Moore said, “After the great response from our customers and spurring appetite for the cryptocurrency, I’m pleased to announce the development of our bitcoin cashback offering as a standalone product.”
“This is a huge step forward in making the asset class more accessible to consumers of all demographics, ultimately bringing bitcoin into the hands of millions of customers across the UK.”
The price of bitcoin has more than doubled since the beginning of the year and is currently trading at around $60,000 (£51,000).
Boots and Okado were initially named among the retailers in the press release, also named Homebase, although the firms have distanced themselves from the venture.
The beauty and pharmacy giant also distanced itself from a similar cashback scheme set up by crypto platform CoinCorner last year.
“We have just lost Boots as a bitcoin cashback partner following the announcement of the Mod app,” molly spears said, Head of Marketing at CoinCorner.
“CoinCorner has been partnered with Boots for over a year now without issue – they are one of our most popular merchants. Why are we still putting a complete ban on bitcoin businesses?”
Ms Spears shared an email she said was from Boots, adding that she “currently doesn’t want to work with bitcoin publishers”, adding, “We’ll let you know if anything changes in the future about the program.” I’ll invite you again.”
Boots did not immediately respond to a request for comment. Granthshala,
Credit: www.independent.co.uk /