Fintech firm Mogo announced that they are planning to buy $ 1.2 million worth of Bitcoin.
Mogo buys $ 1.2 million of Bitcoin
Canadian-based financial technology company Mogo, over $ 1 million in Bitcoin
It plans to invest in corporate and increase the amount next year. The crypto-friendly fintech firm has joined the latest trend of large companies allocating funds in BTC.
The Vancouver-based fintech company announced its plans for BTC earlier today. The statement states that the firm plans to allocate 1.5% of its total assets to the primary cryptocurrency by the end of 2020. This is planned to be in the form of an initial investment of $ 1.2 million and potential additional purchases throughout 2021.
They will double their crypto assets
Thus, Mogo will double its efforts on cryptocurrencies. MogoCrypto, the company’s digital asset branch, started operations in 2018. The firm does this as it enables customers to trade BTC at real time prices instantly via the Mogo App.
He describes it as “the easiest way to buy and sell Bitcoin in Canada”.
The company recently announced a Bitcoin rewards program that allows its members to earn BTC by interacting with Mogo’s products. As a result, users have the opportunity to increase their BTC savings without buying more assets.
Greg Feller, Chairman and CFO of Mogo, said:
We believe in BTC as an asset class, and we believe this investment is consistent with our goal of making Bitcoin investment available to all Canadians. Also, as global adoption continues to grow, we think BTC is an attractive investment for our shareholders with significant long-term potential.
While writing these lines, it should be noted that Mogo’s shares increased by approximately 12% following the announcement and rose to 3.8 dollars. With its planned investment in BTC, Mogo will join other large companies and institutions that started to accumulate significant chunks of the asset in the second half of this year.
MicroStrategy, the business intelligence giant on the NASDAQ list, was among the first with several acquisitions. Ultimately, Michael Saylor’s company bought over $ 1 billion in Bitcoin.
Jack Dorsey’s Square company followed suit with a $ 50 million acquisition. Among the institutions that bought BTC are Guggenheim from Wall Street, hedge funds One River Asset Management and Ruffer Investment, and insurance company MassMutual.