Canadian Firm Mogo Introduces Bitcoin Cashback Rewards Mortgage Scheme

Canadian Fintech company Mogo Finance Technology Inc. has rolled out a new Bitcoin cashback rewards program for its MogoMortgage platform.

Mogo is now giving its members who take out a new mortgage or refinance an existing one the chance to earn cash to buy Bitcoin using its Bitcoin rewards account.

Bitcoin Cashback Rewards to MogoMortgage

In an announcement, the Vancouver-based company said members could earn up to $3,100 cashback deposited in their Bitcoin and Rewards account.

The Bitcoin cashback rewards program was previously only available to those who hold the Mogo Visa Platinum Prepaid Card, but it has now been extended to MogoMortgage customers as well.

Mogo’s Founder and CEO, David Feller, said the Bitcoin Rewards program aims to give members more ways to accumulate Bitcoin.

“It’s clear that we’re still in the beginning stages of seeing consumers add Bitcoin to their financial portfolios, just as we see corporations add it to their balance sheets. Given the volatility and speculative nature of Bitcoin, there’s an increasing number of Canadians who are looking for ways to participate without risking their own money, and our Bitcoin rewards program meets this demand.” Feller said.

Also commenting on the latest development was Greg Feller, Mogo’s President, and CFO, who said the company’s focus with this Bitcoin cashback reward program was to provide Canadians with a great way to obtain a mortgage while also earning Bitcoin.

With the mortgage market in Canada is estimated to be worth $1.7 trillion, Mogo hopes to gain market share by offering its clients the ability to buy Bitcoin securely through its services. This way, the company hopes to help customers store and increase their wealth.

The company also works with lenders in Canada to provide mortgage deals to its users.

Bitcoin is gradually creeping into the conventional finance sector as companies are beginning to accept it as a mode of payment for goods and services. There are also several companies offering Bitcoin cashback services.

One of them is VISA who just recently partnered with BlockFi to release the Bitcoin Rewards VISA Credit Card.

Mogo Influencing Bitcoin Investments

Mogo is one of the many platforms that are committed to bringing Bitcoin and other cryptocurrencies closer to a broader audience.

Through its crypto platform called MogoCrypto, the company lets people buy and sell Bitcoin. Last month, Mogo announced the acquisition of nearly 20% stake in Canadian crypto exchange Coinsquare for around $56.4 million.

Mogo also recently announced that it plans to invest up to $1.5 million in Bitcoin and consider additional investments in 2021.

Founded in 2003, Mogo had an initial public offering on the TSX in June 2015 and has a market cap capitalization of over CA$500 million.