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Mogo Stock Jumps As It Launches First Bitcoin Cashback Mortgage

Sam Boughedda trader
Updated 29 Mar 2021

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Shares of digital payments and financial technology company Mogo Inc (NASDAQ: MOGO) are rallying premarket after announcing it has launched a bitcoin cashback mortgage.

Mogo shares have climbed 9.43% to $9.14.

Under the MogoMortgage program, Mogo members who take out a new mortgage or refinance with Mogo can earn up to $3,100 cashback deposited in their bitcoin and Rewards account.

“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,” said David Feller, Mogo’s Founder and CEO.

Members can apply for the program via the company’s app.

“Unlike traditional reward programs, bitcoin rewards have the unique characteristic of being an asset class that can rise in value over time – $3,100 invested in bitcoin 5 years ago would be worth over $350,000 today,” continued David Feller.

“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,” added Greg Feller, Mogo’s President and CFO.

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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.