Share this article

Nasdaq-Listed Canadian Firm Mogo Launches Bitcoin Cashback Mortgage Program

Canada’s residential mortgage market is estimated at C$1.7 trillion.

Updated Sep 14, 2021, 12:33 p.m. Published Mar 29, 2021, 4:12 p.m.

Canadians can earn cashback on their mortgage to buy bitcoin.

Mogo Finance Technology Inc., a Canadian fintech firm listed on Nasdaq (NASDAQ:MOGO) and Toronto Stock Exchange (TSX:MOGO), is now giving its members who take out a new mortgage or refinance an existing one the chance to earn cash to buy bitcoin using its bitcoin rewards account.

STORY CONTINUES BELOW

Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters

By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

In an announcement on Monday, Vancouver-based Mogo said the cashback rewards program now includes “MogoMortgage” and will give users up to C$3,100 (US$2,461) in cashback rewards. The rewards are distributed in dollars into clients’ accounts which, in turn, allows clients to buy bitcoin through the MogoCrypto program within the Mogo app.

Canada’s residential mortgage market is estimated at C$1.7 trillion (US$1.35 trillion). According to the company, this new scheme allows Canadians to get a mortgage while earning a cash reward to purchase bitcoin.

“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,” said David Feller, CEO of Mogo.

MogoMortgage is currently available to Mogo Members in a number of selected provinces including Alberta, British Columbia, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador.

The rewards program already applies to the Mogo Visa Platinum prepaid cardholders, allowing users to earn 1% cashback on purchases in Canada and 2% for foreign transactions, which can then be exchanged for bitcoin within the app.

In February, Mogo announced it would acquire a 19.99% stake in the Canadian cryptocurrency exchange Coinsquare with the rights to increase ownership up to 40%.

Mogo was founded in 2003 and had an initial public offering on the TSX in June 2015 and has a market cap capitalization of over CA$500 million.

In December, the company announced its plan to make a corporate investment of up to CA$1.5 million (US$1.19 million) in bitcoin and said it will consider additional purchases throughout 2021.

At the time of publication, Mogo shares listed on the Nasdaq were trading up 4% at US$8.82 and up 2.63% at CA$10.91 on the TSX.

Canada Rewards Mortgages Incentives

Tanzeel Akhtar

Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.