FinTech Company Mogo Offers $3,100 In Bitcoin To Open Or Refi A Mortgage
Monday morning saw further adoption of both cryptocurrencies in general, and more specifically, bitcoin. First, Visa announced it would be one of the first major payment networks to settle transactions in USD Coin as part of a pilot program with Crypto.com.
Then, digital payments and financial technology company Mogo said it was going to be expanding its bitcoin cashback rewards program to include its MogoMortgage. The program will kick back up to $3,100 in bitcoin to member rewards accounts after people use Mogo to open a new mortgage, or re-finance.
David Feller, Mogo’s Founder and CEO, commented: “Our bitcoin rewards program is all about giving our members more ways to accumulate bitcoin. It’s clear that we’re still in the beginning stages of seeing consumers add bitcoin to their financial portfolios, just as we’re seeing corporations add it to their balance sheets.”
He continued: “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.”
“Unlike traditional reward programs, bitcoin rewards have the unique characteristic of being an asset class that can rise in value over time – $3,100 invested in bitcoin 5 years ago would be worth over $350,000 today.”
“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,” said Greg Feller, Mogo’s President and CFO.
The company said that members can apply at any time through their Mogo app.
…as if Canadians (and Americans) needed another reason to take out a mortgage aside from manipulated interest rates sitting at 0%.
Mon, 03/29/2021 – 20:40