Canadian Fintech Company Mogo to Invest $1.1 Million in Bitcoin
- Canadian fintech platform Mogo will invest $1.1 million in Bitcoin.
- The company will consider additional investments in Bitcoin in 2021 to monetize its $13 million investment portfolio.
Image from Shutterstock
Following an initial investment of up to $1.1 million, the NASDAQ-listed company will consider additional investments in Bitcoin in 2021 as it looks to monetize its $13 million investment portfolio.
According to the company’s press release published on 23 December, the initial Bitcoin purchase would represent approximately 1.5% of Mogo’s total assets at the end of the third quarter of 2020.
Greg Feller, the president and CFO of Mogo, said that Bitcoin represents an attractive investment for their shareholders with significant long-term potential.
“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,” he said in the release.
Feller added that Mogo was well-positioned to capitalize on the fast-growing demand for the cryptocurrency. Earlier this month, Mogo reported a 135% month-over-month increase in the dollar value of Bitcoin traded on the platform from October to November this year.
The Bitcoin investment will build on Mogo’s other investments in product developments over the last few years. Since 2018, the company enables members to buy and sell Bitcoin instantly through the Mogo app. In addition to that, Mogo recently launched its Bitcoin rewards program, providing members with the opportunity to earn BTC through engagement with its products.
In the ever-evolving world of online entertainment, Bitcoin gaming is no longer just a niche interest for cryptocurrency enthusiasts. With the rise of blockchain technology, Bitcoin games have become a significant trend, drawing in players from all corners of the globe with the promise of transparent gaming experiences and financial incentives. As this new frontier […]
Freepik
- Thanks to the emergence of cryptocurrencies and technologies such as blockchain, gambling enthusiasts now have access to a new breed of games: provably fair crypto games.
- Such games leverage blockchain technology and use encryption standards to reassure users that their chances of winning are accurately determined without outside influence.
- While not the largest countries in the world, CAR and El Salvador’s decision to legalise Bitcoin will surely have an effect on the rest of the world.
- With the rise of Bitcoin, more and more crypto-based platforms will increase their popularity and improve the industry’s potential.