Bitcoin cashback offered to millions in UK through crypto loyalty scheme

Fintech firm Mode says it will bring BTC ‘into the hands of millions of customers across the UK’

Customers of Homebase, Ocado and other UK retailers will be able to claim cashback in bitcoin from 2022 (Getty Images)

Dozens of leading UK retailers are reportedly planning to offer customers cashback in bitcoin from next year through a new loyalty scheme.

The bitcoin cashback option will be powered by fintech firm Mode, according to City AM, and will allow customers earn crypto rewards of up to 10 per cent for shopping online at the partner stores.

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“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,” said Mode CEO Ryan Moore.

“This marks a major step 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.”

Bitcoin has more than doubled in price since the start of the year and is currently trading at around $60,000 (£51,000).

Boots and Ocado had initially been named among the retailers in an early press release, which also named Homebase, however the firms have since seemingly distanced themselves from the venture.

The beauty and pharmacy giant also distanced itself from a similar cashback scheme set up last year by crypto platform CoinCorner.

“We just lost Boots as a bitcoin cashback partner following the Mode app announcement,” said Molly Spiers, head of marketing at CoinCorner.

“CoinCorner have been partnered with Boots for over a year with no issues – they’re one of our most popular merchants. Why are we still imposing blanket bans on bitcoin businesses?”

Ms Spiers shared an email she said was from Boots, saying that it did “not currently want to work with bitcoin publishers”, adding, “if anything changes in the future we will reinvite you to the programme.”

Boots did not immediately respond to a request for comment from The Independent.