Mogo finance Technology, a Vancouver-based fintech firm listed on Nasdaq (NASDAQ: MOGO) and on the Toronto Stock Exchange (TSX: MOGO), has extended its bitcoin cashback program to allow customers who get a new mortgage with the firm or that refinance an existing one to receive up to CA$3,100 (US$2,460) in BTC.
The firm has already been letting users buy and sell bitcoin through its MogoCrypto service and is now giving users cashback rewards in dollars into their accounts. The dollars could then be used to buy BTC through the MogoCrypto program within the firm’s platform.
Canada’s residential mortgage market is estimated to be worth CA$1.7 trillion (US$1.35 trillion), and to the firm its bitcoin rewards program could help Canadians on the fence about buying bitcoin as it’s an “asset class that can rise in value over time.”
David Feller, founder and CEO at Mogo, was quoted saying the C$3,100 invested in BTC 5 years ago would now be worth over CA$350,000. He added:
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.
The bitcoin rewards program is currently only available to Mogo Members in a number of selected provinces including Alberta, British Columbia, Ontario, Nova Scotia, and others. Mogo has already been rewards Mogo Visa Platinum prepaid cardholders with 1% cashback on purchases in Canada, and 2% on foreign transactions.
The cashback rewards could then be exchanged for BTC within the app. Mogo has earlier this year announced it was set to acquire a nearly 20% stake in Canadian cryptocurrency exchange Coinsquare for around $56.4 million, with the right to increase ownership to 40%.
It also plans to buy BTC for its balance sheet. The firm plans to invest up to CA$1.5 million (US$1.19 million) in BTC, and may consider additional purchases throughout the year.
Featured image via Pixabay.