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Good find Camdenite
Interesting retweet from JR…..
The bitcoin Jar doesn’t generate revenue, revenue stream hasn’t been lost..
revenues were based on #BTC trades..
Just to clear that up #mode
If anything this attracts traders and not #HODLers.. #Hodlers don’t generate income..
Yes, having looked at the mode store now this is as stated a ‘beta test’ and clearly just showing the tech template to customers and more importantly merchants.
I think some of us maybe got ahead of ourselves expecting a full launch and speaking to my mate who is CEO of an e-commerce company this is standard stuff.
I raised my concerns about the decommissioning of the BTC Jar but with the regulatory and beta testing elements we are moving in the right direction and more patience is required for the full launch and merchant onboarding.
The MOU with THG gives me confidence as well to hold…..
GLA and if you do decide to sell please exit stage left quietly.
Parkboy - this is the response I just got which clearly is the ‘company line’. Did not answer my question on whether it was regulatory driven, whether they may lose customers and the merchant pipeline.
Hi ……
Thank you for reaching out about the Bitcoin Jar - I completely understand that the news that we're planning to discontinue this feature may have come as a bit of a shock.
We mentioned in our email that in order to disrupt the way people and businesses pay and get paid in the UK, we're doubling down on our commitment to deliver a best-in-class payments solution. This means that we’ll be saying goodbye to the Bitcoin Jar and instead, introducing an exciting Bitcoin Rewards feature.
Very soon, the Mode app will allow you to passively earn Bitcoin by completing in-app bounties and making purchases with our partner merchants. We hope you’re as excited as we are for the launch of our new features!
For those that have used the BTC Jar (I haven’t) is it easy just to transfer your BTC to another provider?
Surely these users will then just close their account and will not come back?
Still positive for long term as it’s ultimately all about the super app and merchant acquiring but concerned about the short term hit to revenue and sentiment…..
I have emailed Mode asking for clarification.
Will post any response here…..
Just feel they now have 50k disgruntled customers on their hands now.
Maybe I have got this wrong.
Also don’t we have 50k users for the Bitcoin Jar.
What happens to them when they move their BTC/cash elsewhere? That’s the only real revenue stream to date.
Really need proper clarification as to the rationale behind this.
Now now chaps, play nicely.
Patience is required here - potential is still huge in the payments services sector.
GLA
Wrong forum - apologies
Doh!
Now now chaps, play nicely.
Patience is required here - potential is still huge in the payments services sector.
Agreed Nightye, whilst this payment launch was not quite what I had hoped for this is nascent fin tech and the Hut Group clearly liked what we offer and that gives me confidence. I don’t know why they didn’t just stick with the Bitcoin jar as well…..
Odd decision but will continue to hold
One thing is for sure we are underappreciated by Mr Market.
Very muted reactions to the news….
Can anyone explain why the Jar is being decommissioned?
I think we need clarification from the company on this….
Very impressive indeed and testament to the leadership team we have in place now.
We have just further de-risked the business.
Well the payments launch feature is all part
of what will be the the super app. It’s all part
of the ecosystem we are building…..
Yes Jhonboy, that statement really stood out for me too.
Roll on H2
So are we expecting it tomorrow or Friday?
Let’s hope it comes with some more juicy merchants!
Well I put a limit price with transact platform this morning of 50p and bought another cheeky £5k at 46.85p so happy days.
No more from me, fully loaded and ready for the long term - 3 year view!
GLA
Good post Flashgem.
I absolutely believe in a few years we could hit the magic billion pound market cap.
More merchants like The Hut Group will be the key.
GLA
Thinking of throwing some more cash at this to average down further……
Crazy cheap!
I agree Donnysmind.
This is exactly the sort of partner I was hoping for - the UKs fastest growing, most progressive e-commerce platform with lots of young and wealthy customers.
It maybe a MOU at this stage but the language used by both businesses is that it happening with integration of tech later this year.
This for me de-risks Mode and validates our technology with more merchants of this caliber so be announced over the coming months.
Disappointing price action today but not concerned long term as the upside is just huge here.
GLA