Mode Global Holdings PLC (LON: MODE) edged 1.18% higher after announcing that its unique payment services and Bitcoin rewards programme has been implemented across THG’s entire e-commerce portfolio.
Mode’s payment systems will now be available across THG’s brands such as MyProtein.com, Lookfantastic and The-Hut.com. The technology is also fully integrated across the ingenuity platform and could be expanded to all e-commerce sites owned by THG.
Mode shares edged higher on the news, but it appears that investors had already priced in this eventuality, given the small gains notched today.
From a technical perspective, Mode shares are trading above a crucial support level after rallying back above the level on Monday, 4 October 2021, as buyers stepped in. The stock could rally higher if the support level holds over the coming days.
Ryan Moore, Mode Global’s CEO, said: “Consumers can pay via Mode and accrue instant Bitcoin rewards which they can safely store via our trusted, FCA-registered app. This marks a step forward in delivering on our aim to make Bitcoin accessible to all and put it in the hands of as many people as possible.”
Adding:
“Those who pay via Mode will gain passive exposure to the revolutionary store of value asset without taking on the individual risk of investing, which we anticipate will significantly widen our market to reach those who are new to Bitcoin.”
Mode Global has seen the adoption of its technology and payments systems rise in the UK due to the Bitcoin rewards programme and its use of open banking systems, which its clients appreciate.
Investors looking to buy Mode shares could find the current prices quite attractive given the stock is just above support and could rally up to the next critical level at 52p.
*This is not investment advice. Always do your due diligence before making investment decisions.
Mode share price.
Mode shares edged 1.18% higher to trade at 43.0p, rising from Monday’s closing price of 42.50p.
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