Tuesday, March 30, 2021

Mortgage broker opens rewards program for the purchase of bitcoin

 

Key facts:

Rewards are awarded through the MogoCrypto program and will be $ 2,461.

Mogo recently acquired a stake in Canadian exchange Coinsquare.

Mortgage brokerage company Mogo announced a cash rewards plan, called MogoCrypto, in order to allow its users to buy bitcoin within the company's own app.

Through a statement, the Canadian-based company reported on March 29 that customers who take out a new mortgage, or refinance it, will have the opportunity to opt for this new plan. The reward that Mogo will grant is up to USD 2,461, although it was not revealed in what time frame.

According to the North American Fintech, the program was already applied to Mogo Visa Platinum prepaid cardholders, who had a 1% refund on purchases in Canada and 2% on foreign transactions, which can be exchanged for bitcoin within of the application.

In this regard, the CEO of Mogo, David Feller, indicated that the bitcoin rewards program tries to provide members of the platform with more ways to accumulate bitcoin.

"Given the volatility and speculative nature of bitcoin, there are a growing number of Canadians looking for ways to participate without risking their own money, and our bitcoin rewards program meets this demand," explained the executive.

According to data from Mogo, the Canadian residential mortgage market is approximately $ 1.35 trillion. The MogoCrypto plan is a way to grant a mortgage to a user and at the same time obtain bitcoin, highlights the company.

According to the company, the new program differs from traditional reward programs, because users will be able to multiply their earnings with bitcoin, since it is a digital asset that increases in value over time.

In that sense, last February Mogo acquired shares of the Canadian exchange Coinsquare, for a total of USD 56.4 million.

We strongly believe in the growing importance of cryptocurrencies in consumer financial portfolios, and deepening our relationship with Coinsquare will allow us to bring enhanced functionality and value to the MogoCrypto product.

David Feller, CEO of Mogo

Cryptocurrencies gain ground in the real estate area

The use of bitcoin, ether and other cryptocurrencies in the housing and property acquisition sectors has been growing more and more.

Last February, the Spanish company RentalT made the first sale of a tokenized property, in a transaction that was carried out on the Ethereum blockchain. The property was sold for the equivalent of more than 54,700 euros in ETH, the cryptocurrency of Ethereum (about $ 66,036).