Mogo Reports 135% Increase in Bitcoin Transaction Volume in November
December 01 2020 - 7:45AM
Business Wire
Increased awareness and credibility of bitcoin
drives strong growth in total transaction volume and new bitcoin
accounts
All figures in Canadian $
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.
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the full release here:
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MogoCrypto, launched in 2018, is the
easiest way to buy and sell bitcoin in Canada. (Photo: Business
Wire)
“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
Forward-Looking Statements
This news release may contain "forward-looking statements"
within the meaning of applicable securities legislation, including
statements regarding the growth of Mogo’s revenue as a result of
increased bitcoin transaction volume. Forward-looking statements
are necessarily based upon a number of estimates and assumptions
that, while considered reasonable by management at the time of
preparation, are inherently subject to significant business,
economic and competitive uncertainties and contingencies, and may
prove to be incorrect. Forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause
actual financial results, performance or achievements to be
materially different from the estimated future results, performance
or achievements expressed or implied by those forward-looking
statements and the forward-looking statements are not guarantees of
future performance. Mogo's growth, its ability to expand into new
products and markets and its expectations for its future financial
performance are subject to a number of conditions, many of which
are outside of Mogo's control. For a description of the risks
associated with Mogo's business please refer to the “Risk Factors”
section of Mogo’s current annual information form, which is
available at www.sedar.com and www.sec.gov. Except as required by
law, Mogo disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information,
events or otherwise.
About Mogo
Mogo — a financial technology company — offers a finance app
that empowers consumers with simple solutions to help them get in
control of their financial health and be more mindful of the impact
they have on society and the planet. Users can sign up for a free
account in only three minutes, begin to learn the 4 habits of
financial health and get convenient access to products that can
help them achieve their financial goals and have a positive impact
on the planet including a digital spending account with Mogo Visa*
Platinum Prepaid Card featuring automatic carbon offsetting, free
monthly credit score monitoring, ID fraud protection and personal
loans. Members can also easily buy and sell bitcoin 24/7 through
the Mogo app, as well as participate in Mogo’s new bitcoin rewards
program. The Mogo platform has been purpose-built to deliver a
best-in-class digital experience, with best-in-class products, all
through one account. With more than one million members and a
marketing partnership with Canada's largest news media company,
Mogo continues to execute on its vision to gamify financial health
and become the go-to financial app for the next generation of
Canadians. To learn more, please visit mogo.ca or download the
mobile app (iOS or Android).
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version on businesswire.com: https://www.businesswire.com/news/home/20201201005680/en/
Craig Armitage Investor Relations craiga@mogo.ca (416)
347-8954
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