Tycoon pals of Prince Andrew hit by losses in Bitcoin firm

David, who famously funded businessman Jonathan Rowland and his father, Prince Andrew, lost millions in a cryptocurrency venture that hit a wall. has closed most of the Bitcoin app he founded, Mode Global Holdings, after failing to secure the necessary funding for .

Mode Global is the latest in a string of companies founded by a string of entrepreneurs to varying degrees of success.

His father, David, 77, a real estate mogul and prominent Conservative donor, had invested in his son’s business. Nicknamed “Spotty” for being relatively young when he listed his first company on the stock exchange at age 23, Rowland Sr. has amassed enormous wealth through real estate and banking. rice field.

Eager to follow in his father’s footsteps, Jonathan had grand ambitions for Maud. He wanted to turn it from a payment app into the “most trusted” crypto company in the world. US technology investor and Twitter co-founder Christopher Isaac ‘Biz’ Stone also held shares.

Less than two and a half years after Maud was listed on the London Stock Exchange, those dreams are shattered.

Investors have seen their holdings virtually wiped out as the share price plummeted to half a penny last week from a peak of 77p in February 2021 when Maud was estimated to be worth £62m. .

But it’s far from the first embarrassment for the father-son duo, including their relationship with Prince Andrew.

David Rowland – a longtime Guernsey resident who has been dubbed a “tax haven tycoon” – served as financial advisor to the Duke of York. I took a seat in the front row.

Rowland Sr. reportedly paid off a £1.5m loan to Andrew through Luxembourg bank Bank Havilland the year before. Leaked documents reveal that the Duke of York had also sought a £200,000 loan from the bank’s then chief executive, Jonathan Rowland. On another occasion, David and Jonathan flew to North Korea, widely regarded as a pariah state under dictator Kim Jong Un, to explore “investment opportunities.”

David owns a mansion on the island of Guernsey called Havilland Hall, and in 2005 unveiled a life-size bronze statue of Rowland with Prince Andrew smoking a cigar.

Patron: David Rowland has paid off the Duke of York’s £1.5m loan.

Jonathan has struggled to step out of his father’s shadow and emulate his business success. After years as a racing driver, he first made headlines when he founded the internet investment firm Jellyworks in his 20s. The company’s share price initially shot up, peaking at his £300m valuation.

However, it disappeared from the stock market within six months as it struggled to raise new capital. Most recently, he co-founded a small business lending company called Redwood Bank and was also involved in the crisis-hit football club Wigan’s athletic bid.

His personal life is also eventful. He once revealed he had a stroke in bed with a woman he “shouldn’t have been with,” but joked that at least she was there to call an ambulance.

Jonathan is the heir to a fortune believed to reach hundreds of millions of pounds.

He and his father owned about 30% of Mode Global’s stock, but clearly didn’t want to invest any more of the family’s fortune in the venture. Mode will start sorting out most of its business this week. We will be shutting down the app in the coming weeks, as well as subsidiaries his Fibere and his JGOO.

Earlier this month, CEO Rita Liu stepped down.

Mode uses open banking to allow customers to transfer cash to their accounts, which can then be used to buy bitcoin and other cryptocurrencies. It’s also a payment app, allowing customers to receive Bitcoin “cashback” for purchases on partners’ brands.

The group has urged customers to withdraw cash, but it is not clear if there is a deadline or how much money the mode is holding.Bitcoin itself was held by a company called Bitgo. .

Maud said customers’ cash and crypto assets will be “kept safe” and there are no restrictions on withdrawals.

Jonathan declined to comment.