Increased awareness and credibility of bitcoin drives strong growth in total transaction volume and new bitcoin accounts
VANCOUVER, British Columbia—-Mogo Inc. (TSX:MOGO) (NASDAQ:MOGO) (“Mogo” or the “Company”), a financial technology company focused on empowering consumers with innovative digital financial solutions through its mobile app, today reported a 135% month-over-month increase in the dollar value of bitcoin traded on the Mogo platform from October 2020 to November 2020. This follows on the Company’s previous announcement that Mogo bitcoin accounts increased 237% year over year in Q3 2020.
“The strong performance of bitcoin and its growing credibility as an asset class have fuelled rapid growth in transaction volume and new bitcoin accounts on the Mogo platform,” said David Feller, Mogo’s Founder and CEO. “Although bitcoin has now been around for just over 10 years, it’s still early days for this new asset class as most Canadians have yet to own it. The introduction of bitcoin trading by leading digital players in the U.S., combined with the overall rise of digital currencies, has significantly increased the interest in bitcoin among Canadian consumers.”
Greg Feller, President and CFO of Mogo, added: “As one of the pioneers in Canada and the only well-established publicly traded Canadian company offering a simple and low-cost way to buy and sell bitcoin, we are in a unique position to meet this rising demand through our award winning app that offers a number of innovative products to help Canadians manage their financial lives.”
MogoCrypto1, launched in 2018, is the easiest way to buy and sell bitcoin in Canada. It enables members to buy and sell bitcoin at real-time prices instantly through the Mogo app, 24/7 from their mobile device, bringing a new level of convenience and accessibility to bitcoin ownership for all Canadians. Users can sign up for free and in three minutes open an account, have the account funded in as little as 30 minutes with no funding fee, and begin buying and selling bitcoin. As part of the Company’s current promotion, new Mogo members get $5 just for opening their account. MogoCrypto is available through the free Mogo app, on iOS or Android or at mogo.ca. Mogo was recently named “Best Cryptocurrency App” by savvynewcanadians.com and featured by Apple as “one of the apps we love”.
1To be eligible for MogoCrypto, members must first pass Mogo’s identity and security verification process and agree to the MogoCrypto Terms and Conditions. For more information, see MogoCrypto Terms and Conditions: https://www.mogo.ca/pdfs/MogoCryptoTermsAndConditions.pdf