Canadian-listed fintech Mogo to invest up to $1.5 million in Bitcoin

Canadian fintech company Mogo, listed on the Toronto Stock Exchange (TSX) and NASDAQ, announced its intention to invest up to $1.5 million in Bitcoin.

The initial purchase will amount to roughly 1.5% of the organisation’s total assets as of the end of the third quarter of 2020.

According to Mogo president Greg Feller, such investments could enhance the company’s financial products. In 2021, it plans to earmark additional funds for the purchase of Bitcoin.

“We view Bitcoin as a strong asset class and believe that investments in it align with our goal to make cryptocurrency accessible to all Canadians,” said Feller.

He noted that digital gold could prove a worthwhile long-term investment for Mogo’s shareholders.

In 2018, the Canadian company launched the MogoCrypto app for buying and selling the first cryptocurrency. According to information on the site, Mogo’s market capitalization stands at $142.1 million.

Earlier, SkyBridge Capital’s Anthony Scaramucci invested $25 million in Bitcoin.

As reported on December 21, the CEO of analytics software provider MicroStrategy announced the purchase of 29,646 BTC for $650 million. The company holds about 70,470 BTC in total.

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