Canadian fintech Mogo Inc. (TSX:MOGO) (NASDAQ:MOGO) announced on Monday it has extended its Bitcoin cashback reward program to include MogoMortgage. Mogo reported that under the program its members who take out a new mortgage or refinance may earn up to $3,100 cashback deposited into their Bitcoin and Rewards account.
According to David Feller, Mogo CEO and Founder, the rewards program’s mission is to give Mogo members more ways to accumulate Bitcoin. He further explained:
“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. As an independent mortgage brokerage, our goal has always been to help members get the best rate and the right mortgage, and now our new bitcoin rewards program will reward them with up to $3,100 in bitcoin.”
Feller also stated that unlike traditional reward programs, the Bitcoin rewards offers a “unique characteristic” of being an asset class that may raise in valuate over time, with $3,100 invested in Bitcoin five years ago, it would be worth more than $350,000 today. Greg Feller, Mogo President and CFO, then commented:
“The residential mortgage market in Canada is a massive market estimated at about $1.7 trillion, and we’re pleased to provide Canadians with a great way to get a mortgage, while also earning bitcoin.”
Mogo added that members may apply anywhere and anytime through its mobile app.