Business
Audited Financial Results to 31 December 2022
Audited Financial Results to 31 December 2022.
About this update from R8 Capital Investments Plc
[{"type":"text","content":"\n\n \nMode Global Holdings Plc\n(\"Mode\")\nAudited Financial Results to 31 December 2022\nSTRATEGIC REPORT\nBusiness Review\n \nSince day one, Mode has grown through the strength, passion, and innovation of its people. From developers to shareholders, the evolution of Mode can be credited to a collaboration of thinkers each focused on the same core goal: reforming the financial ecosystem for the better and creating genuine value for both businesses and consumers through the use of cutting-edge technology. Across bot h traditional finance and crypto, there are still huge challenges to overcome and gaps to be filled when it comes to trust, transparency, and user experience, which has remained a major driving force for us to continue on our mission and succeed in our vision.\n \nWe have seen significant volatility during 2022 in both equity and the crypto markets, driven by a number of contributing factors and a challenging economic year on a global scale but that has not stopped Mode from delivering value to our users. We launched our unique Bitcoin Cashback programme in May enabling users to earn Bitcoin every time they shopped from leading UK retailers through the Mode app, including Samsung, Farfetch and The Range to name a few. The new rewards product was well received. Additionally, Mode has expanded the number of Bitcoin Payroll clients onboarded as businesses realise the value of being able to pay their employees in Bitcoin. \n \nDuring the second half of the year, Mode began rolling out it's multi-token offering including Ethereum, Polkadot and Solana. Mode ended the year with a collection of products that cater to the different crypto personas. Our trading, payments, rewards and payroll products were all seen to be significant in Mode's planned roadmap.\nMode in 2023\nDue to difficult economic circumstances and the collapse of high profile Crypto businesses like FTX, Mode has decided to cease it's crypto and payment operations and shut down all customer facing activities including it's phone applications. This has been done to maintain cash reserves whilst the Board considers the future of the Group.\nMode continues to work with the FCA and partners to return all fiat and crypto deposits to its customers over a winding down process.\nDuring Q1 2023 and continuing today, the Mode Board of D...