Canada-Based Financial Payments Firm Offers Bitcoin Cashbacks to Mortgage Clients
The firm wants to tap into the trillion-dollar Canadian mortgage industry by introducing Bitcoin to the investors.
Canada-based digital payments platform, Mogo Inc., announced on Monday an extension of its Bitcoin cashback program to include its mortgage clients. Previously, the company only offered the “Mogo Visa Platinum Prepaid Card and digital spending account” users a Bitcoin cashback program. Now, MogoMortgage users who take up a new loan or refinance their old loan will earn up to C$3,100 (~$2,460) in Bitcoin – deposited straight to their rewards account.
Having offered Bitcoin products before, Mogo’s founder and CEO, David Feller, stated the new program aims at giving their “clients more ways to accumulate Bitcoin” as the sure form of money. Over the past few months, demand for Bitcoin –both from retailers and institutions – has blown off the roof sending the price of BTC to new all-time highs of $61,000 earlier this month.
According to Feller, the cashback program allows investors to enter into the Bitcoin space without the risk of losing their own money amidst the volatility and speculative nature of the token.
“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,” he said.
“The residential mortgage market in Canada is a massive market estimated at $1.7 trillion, and we’re pleased to provide Canadians with a great way to get a mortgage while also earning bitcoin.”
The Canadian-regulated firm has dipped its feet in Bitcoin before, allowing users to buy and sell BTC via the MogoCrypto service, and has previously stated its plans to add BTC to its balance sheet.
Canada has been at the forefront of regulating and forming laws surrounding crypto activities and investments. Recently, Ontario Securities Commission (OSC), Canada’s financial regulator, approved its second Bitcoin ETF from Evolve Funds Global Group Inc., providing extra exposure to crypto instruments.