Mogo Launches World’s First Bitcoin Cashback Mortgage
A bitcoin flavoured Fintech startup that trades on Nasdaq as well as TSX under Mogo, has become the world’s first to offer bitcoin cashbacks of up to 3,100 Canadian dollars for those that take up a new mortgage or refinance with them.
They claim to offer as low as 1.54% fixed rate mortgages through a quick online process on their app.
Approved mortgages of up to $500,000 get C$1,300 in bitcoin cashback rewards, those above C$750,000 get the maximum of C$3,100.
“Eligible MogoMembers who obtain a MogoMortgage will receive a Reward of up to a maximum amount of $3100 in fiat currency deposited into their Bitcoin & Rewards Account based on the principal amount of their mortgage,” they say.
They have a debit card with bitcoin cashbacks too and in December they announced an investment of $1.5 million in bitcoin.
They have about one million customers with the app offering bitcoin purchases in addition to traditional loans and mortgages.
They’re expanding with a recent partial acquisition of one of Canada’s biggest exchange, Coinsquare.
In addition they plan to move into the US and the Japanese market with their stock price seeing significant gains following bitcoin’s price rise.
They’re one of the few options for Canadians to buy bitcoin, with the company currently operating at a loss but with significant growth as they try to aggressively expand their market.
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