A financial services firm focusing on providing customers with innovative digital financial applications through its smartphone app,Mogo Inc. (NASDAQ:MOGO) shares bullish in the premarket as it rose more than 32% to $4.5 after the report that it plans to make an initial corporate investment in bitcoin of up to $1.5 million and will explore further investments in 2021 as it monetizes its investment portfolio of $17 million. As of the end of the third quarter of 2020, the original acquisition will reflect around 1.5 percent of Mogo’s overall assets.
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This initial financial contribution builds on Mogo’s substantial Bitcoin developments associated with product development over the last few years. The fastest way to buy and sell Bitcoin in Canada is MogoCrypto1, founded in 2018. It helps members quickly exchange bitcoin at real-time rates from the Mogo app 24/7 from their mobile device, giving all Canadians a new comfort level and connectivity to bitcoin possession. Furthermore, the Company recently unveiled its bitcoin loyalty scheme, a first of its kind in Canada, which offers users the ability to earn bitcoin by interacting with Mogo’s products and collecting bitcoin over time.
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In 2020, Bitcoin grew by more than 200 percent, led by the awareness and rising interest from institutional investors and leading global fintech firms. The majority of Canadians do not own or have exposure to bitcoin, despite this spike. A 135 percent month-over-month spike in bitcoin’s dollar value traded on the Mogo platform from October 2020 to November 2020 was announced by Mogo earlier this month.
