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Mogo Reports A 323% Increase in Bitcoin January Transaction Volume

Sam Boughedda trader
Updated 10 Mar 2022

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Digital payments and financial technology firm Mogo Inc (NASDAQ: MOGO) reported an enormous 323 per cent increase in its bitcoin transaction volume in January compared to December.

The company said it saw strong month-over-month growth in several vital metrics during January, related to is bitcoin account as an increasing number of Canadians attempted to gain access to the cryptocurrency.

Mogo also reported a 141 per cent increase in new bitcoin account additions in January compared to December.

“In January, we continued to experience growing demand for new MogoCrypto accounts and increasing transaction activity among members, highlighted by a more than 300% month-over-month increase in trading volume,” said David Feller, Mogo’s Founder and CEO.

“There are more than $13 trillion in assets1 held by Canadians and, while bitcoin continues to gain credibility as an asset class, the majority of Canadians do not own or have exposure to it. Our app offers a simple, transparent and low-cost way to buy and sell bitcoin,” added Feller.

After initially reaching highs of $4.36 per share, Mogo’s stock price is now sitting at $4.08, down 2.63%.

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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.