Cashback rewards program promises novel way for Canadians to get access to cryptocurrency investment
A week after it unveiled plans to break into Canada’s wealth space, fintech firm Mogo is offering Canadians an additional option to make bitcoin investments.
The firm’s bitcoin cashback rewards program, which had previously applied to the Mogo Visa Platinum Prepaid Card and digital spending account, has been expanded to include the MogoMortgage product.
With this expansion, Mogo members who either take out a new mortgage or refinance through the free Mogo app, which connects users with some of the top lenders in Canada, can get up to $3,100 cashback deposited in their Bitcoin and Rewards account.
“It’s clear that we’re still in the beginning stages of seeing consumers add bitcoin to their financial portfolios, just as we’re seeing corporations add it to their balance sheets,” said David Feller, Mogo’s founder and CEO. 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.”
Considering the powerful run-up that bitcoin has had in recent months, Feller said a $3,100 investment in bitcoin five years ago would have appreciated in value to more than $350,000 today. The size of Canada’s residential mortgage market, meanwhile, is estimated at $1.7 trillion.
“[W]e’re pleased to provide Canadians with a great way to get a mortgage, while also earning bitcoin,” said Mogo president and CFO Greg Feller.
