Mogo to make corporate investment in bitcoin

Mogo, a Canadian fintech offering digital financial solutions through its mobile app, announced plans to make a corporate investment of up $1.5M ($US 1.16M) in bitcoin. The initial purchase would represent approximately 1.5% of Mogo’s total assets as of the end of the third quarter of 2020, according to a press release.

This investment builds on Mogo’s product development related investments in bitcoin over the last several years. MogoCrypto, launched in 2018, as a way to buy and sell bitcoin in Canada. In addition, the company recently announced the first bitcoin rewards program in Canada that provides members with the opportunity to earn bitcoin through engagement with Mogo’s products.

“We are strong believers in bitcoin as an asset class and believe this investment is consistent with our goal to make bitcoin investing available to all Canadians. In addition, we believe bitcoin represents an attractive investment for our shareholders with significant long-term potential as its adoption continues to grow globally,” Greg Feller, president and CFO of Mogo said in the release.

Bitcoin has increased more than 200% in 2020, driven by rising mainstream acceptance as well as growing endorsement from institutional investors and leading global fintech companies.