Burning update heaved Mogo (MOGO) shares higher in premarket

DNAY Stock
DNAY Stock

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.‎


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