FinTech Firm Mogo Announces $3,100 Bitcoin Cashback For Its Mortgage Program Clients

FinTech Firm Mogo Announces $3,100 Bitcoin Cashback For Its Mortgage Program Clients
FinTech Firm Mogo Announces $3,100 Bitcoin Cashback For Its Mortgage Program Clients

Bitcoin boom is real!

The benchmark cryptocurrency attracted more firms with its prospect of improving their existing business models. This time, FinTech company Mogo extended its BTC cashback rewards program — which currently applies to the Mogo Visa Platinum Prepaid Card and digital spending account — to include MogoMortgage.

The new program enables Mogo users, who take out a new mortgage or refinance with Mogo, to earn up to $3,100 in bitcoin as cashback rewards.

“Our Bitcoin rewards program is all about giving our members more ways to accumulate Bitcoin”, said the CEO of Mogo David Feller. “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”.

Mr. Feller referred to a growing interest in cryptocurrencies among Canadians despite their obvious shortcomings as an investment asset, primarily concerning their price volatilities. They want to gain exposure in the sector but, at the same time, want to avoid putting their money into it.

“Our bitcoin rewards program meets this demand,” Mr. Feller added. “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 BTC.”

Bitcoin Boom: A Monologue

Looks like Bitcoin and other cryptocurrencies are on a steady route to the mainstream market, as more and more companies and financial platforms, like Visa, or PayPal accept payments and transactions in crypto directly.

For now, cryptocurrencies like stablecoin are a more safe choice for corporations, as they are tied to a fiat currency and are subject to institutional control, therefore are generally more stable, like the USDC. But decentralized cryptocurrencies such as Bitcoin are also gaining more popularity among individual investors, companies, and institutional investors.

Bitcoin price performance in the previous 12 months. Source: BTCUSD on CoinGecko
Bitcoin price performance in the previous 12 months. Source: BTCUSD on CoinGecko

BTC/USD as of today is above $59,000 in the spot market. So, it seems like a good idea to keep that $3,100 cashback in Bitcoin, at least for some time, because the prices keep going up. The BTC/USD rate in March 2020 was as low as $3,858.

Photo by Kira auf der Heide on Unsplash

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