Canada’s housing market is estimated at C$1.7 trillion.
Mogo Finance Technology Inc., a Canadian fintech company listed on Nasdaq (NASDAQ:MOGO) and Toronto Stock Exchange (TSX:MOGO), is currently giving its members that take out a new mortgage or refinance an existing one the opportunity to earn cash to purchase bitcoin using its bitcoin (BTC, +1.55%) rewards account.
In an statement on Monday, Vancouver-based Mogo said the cashback rewards program currently includes”MogoMortgage” and will give up users to C$3,100 (US$2,461) in cashback rewards. The rewards are dispersed bucks into clients’ accounts which, in turn, enables clients to buy bitcoin throughout the MogoCrypto program within the Mogo app.
Canada’s housing mortgage market is projected at C$1.7 trillion (US$1.35 trillion). According to the company, this new scheme allows Canadians to get a mortgage while earning a money reward to purchase bitcoin.
“Given the volatility and insecure character of bitcoin, there is a growing number of Canadians who are looking for ways to engage without risking their own money, and our bitcoin rewards program fulfills this requirement,” explained David Feller, CEO of Mogo.
The rewards program already applies to the Mogo Visa Platinum prepaid cardholders, allowing users to make 1% cashback on purchases in Canada and 2% for overseas transactions, which can then be exchanged for bitcoin inside the program.
In February, Mogo declared it would get a 19.99% stake in the Canadian cryptocurrency market Coinsquare with the rights to boost ownership up to 40%.
Mogo was set in 2003 and had an initial public offering on the TSX at June 2015 and has a market cap capitalization of over CA$500 million.
In December, the company declared its plan to earn a corporate investment of up to CA$1.5 million (US$1.19 million) in bitcoin and stated it will consider additional purchases throughout 2021.
In the time of publication, Mogo shares listed on the Nasdaq were trading up 4% at US$8.82 and up 2.63% at CA$10.91 on the TSX.