On Monday, Mogo, a publicly traded Canadian company, announced the expansion of its bitcoin rewards program applied to its prepaid Visa card to its Mogomortgage product. Mogo members using the Mogomortgage platform can earn up to $3,100 in bitcoins when they take out a new mortgage or refinance an existing home loan.
Mogo CEO reveals first steps to integrate bitcoin into consumer financial portfolios
Vancouver-based Mogo Inc (NASDAQ:MOGO) (TSX:MOGO) has been gradually focusing on cryptocurrency solutions in recent years. In 2018, Mogo announced a partnership with DMG Blockchain Solutions and plans to launch a bitcoin mining facility in British Columbia. In late December 2020, Mogo CEO Greg Feller said that Mogo was joining the trend of companies having BTC on their balance sheets. Mogo announced that by the end of the third quarter of 2020, 1.5% of Mogo’s total assets were invested in bitumen.
Now Mogo has announced a new bitcoin rewards program for Mogomortgage customers. As part of the program, Mogo announced Monday that Mogo members who take out a new mortgage or refinance with Mogo can earn up to $3,100 in cash by depositing money into their Bitcoin and Rewards account.
Mogo founder and CEO David Feller believes bitcoin adoption is still in its infancy. Our bitcoin rewards program is designed to give our members more opportunities to earn bitcoins, Feller said. Clearly, we are still in the early stages of consumers adding bitcoins to their financial portfolios, just as we are seeing companies adding bitcoins to their balance sheets.
Founder Mogo continued:
Given the volatility and speculative nature of bitcoin, more and more Canadians are looking for ways to participate without risking their own money, and our bitcoin rewards program meets that demand. As an independent mortgage broker, our goal has always been to help members get the best interest rate and the right mortgage, and now our new bitcoin rewards program will reward them with up to $3,100 in bitcoins.
Offer mortgage customers a single price that can increase in value
In recent years, bitcoin rewards prepaid cards have been very popular. Mogo and Feller believe that this program would also fit well in the mortgage industry. The residential mortgage market in Canada is huge, worth about $1.7 trillion, and we’re excited to offer Canadians a great way to get a mortgage and earn bitcoins at the same time, Feller said.
The CEO further points out that bitcoin rewards offer growth benefits, unlike traditional incentive programs. Bitcoin rewards have the unique characteristic of being an asset class that can increase in value over time – $3,100 invested in bitcoin five years ago would be worth more than $350,000 today, Feller concluded.
What do you think about Mogo and Mogomortgage offering bitcoin rewards for new mortgages and refinances? Let us know what you think in the comments below.
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