Mogo Finance Technology introduces Bitcoin cashback rewards in Canada

Mogo Finance Technology introduces Bitcoin cashback rewards in Canada

Mogo Finance Technology Inc., a Canada-based fintech company which is listed on the Toronto Stock Exchange and NASDAQ, has announced that it is now allowing its members to avail a new mortgage, or refinance a present one, to earn cash to purchase bitcoin through its new bitcoin rewards account.

According to a statement, the Canadian company will offer reward programs which include “MogoMortgage” and will offer its users nearly CAD 3,100 or USD 2,461 in terms of cashback rewards. Additionally, the rewards will be distributed in the form of dollars into member’s account which will further allow them to buy bitcoin through the MocoCrypto scheme with the Mogo application.

David Feller, CEO, Mogo, explained that with the speculative nature and volatility of cryptocurrency such as bitcoin, there is a growing number of Canadians who are seeking ways to acquire them without risking their money. The novel offering by Mogo meets the changing bitcoin demands of clients.

For the record, the residential mortgage industry of Canada is valued at USD 1.35 trillion or CAD 1.7 trillion. As per the company, the new plan allows people to receive mortgages along with earning cash rewards to buy bitcoin.

Notably, MogoMortgage scheme is available for the Mogo Members in certain selected Canadian provinces such as British Columbia, Alberta, Ontario, Manitoba, Nova Scotia, New Brunswick, Newfoundland, Labrador, and Prince Edward Island.

In addition to the above, the reward program is automatically applied to the Mogo Visa Platinum prepaid cardholders, permitting users to gain 1% cash back on purchases made within Canada and 2% for international transactions, which may be exchanged for bitcoin through the app.

Incorporated in the year 2003, Mogo had an IPO on the Toronto Stock Exchange in June 2015 and has a market cap capitalization of more than CAD 500 million.

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