The crypto entrepreneur Jonathan Rowland and his father, David Rowland, lost hundreds of millions invested in a crypto firm. Jonathan is the founder of the said crypto firm Mode Global Holdings, a Bitcoin application that is currently battling liquidation.
Investors Suffer from Losses
Rowland Senior, known as the Duke of York, had invested a fathomable amount of money in his son’s venture. He started his first business at the age of 23, which generated immeasurable wealth in banking and property.
Just like his father, Jonathan demonstrated a steadfast commitment to the growth of his London-based financial service provider, Mode. He started Mode in 2019 in collaboration with other investors as a payment application.
Recently, Jonathan invested in transforming Mode to offer crypto-related services. His attempt failed to see the light after failing to secure the required amount.
After Jonathan’s efforts failed, the dreams of many of Mode’s investors and entrepreneurs were shuttered. Among the affected investors was Christopher Isaac, a US tech investor and Twitter co-founder.
Before this, Mode was listed on the London Stock Market under LON: MODE. Earlier this week, the firm’s value allegedly plummeted while the company shares sank further from £72 in February 2021.
Rowland’s Friendship with Royal Family
Residing from Guernsey, Rowland senior served as the Duke of York’s financial consultant. Rowland established strong ties with the royal family in the line of duty.
In 2018, Rowland attended Princess Eugenie’s wedding. Before this, the Duke of York is reported to settle a £1.5M loan he had acquired from Prince Andrew.
In 2005, Andrew gifted Rowland senior a sculpture resembling the Duke of York smoking a cigar during his visit to Rowland’s Havilland Hall.
Jonathan Past Achievement
Besides Jonathan failing in his current venture, he has always longed to be like his successful father in business.
In his early 20s, Jonathan established an internet service operator called Jellyworks. The firm collapsed within six months after failing to raise enough revenue to support operations.
He later joined other entrepreneurs to form Redwood Bank before he stepped down to form the troubled Mode.
Later, it was disclosed that Jonathan and his father were reported to own 30% of the now-defunct Mode Investment.
Mode Global Holdings Announce Next Moves
At the beginning of this week, Mode’s Chief Executive Rita Liu left office. Presently, the company has announced plans to close its online banking application.
Jonathan has assured the customers that their investments are safe on the Mode platform. The customers are urged to withdraw their assets before the closure.
Mode intends to cease the operation of its affiliated companies, JGOO Limited and Greyfoxx Investment.
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