Publicly-traded mortgage brokerage Mogo now rewards users in cash to let them buy bitcoin

Bitcoin • March 29, 2021, 9:50AM EDT
UPDATED: March 29, 2021, 10:09AM EDT
The Block

Canada-based listed mortgage brokerage Mogo, which has a market capitalization of nearly CAD 550 million (about USD 435 million), is now rewarding users in cash to let them buy bitcoin.

The development means when a user takes out a new mortgage or refinance one with Mogo, the firm rewards them with up to CAD 3,100 (USD 2,460) as free cashback in their Bitcoin & Rewards accounts.

Mogo is not new in the crypto space. The firm already lets people buy and sell bitcoin via its MogoCrypto service. Last month, Mogo announced that it would acquire a nearly 20% stake in Canadian crypto exchange Coinsquare for around $56.4 million. Mogo also recently announced its plan to buy bitcoin on its balance sheet.

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The bitcoin cashback rewards scheme also doesn't appear to be new. The scheme was previously only available to those who hold the Mogo Visa Platinum Prepaid Card, but it has now been extended to MogoMortgage customers as well.

"Our bitcoin rewards program is all about giving our members more ways to accumulate bitcoin," said Mogo founder and CEO David Feller. "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."

Mogo works with lenders in Canada to provide mortgage deals to its users. Mogo president and CFO Greg Feller said 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."

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.