Canadian Fintech Firm Will Buy BTC Worth $1.2 Million In 2021

A Canadian fintech firm will likely purchase Bitcoin worth $1.2 million in 2021 so now companies with BTC allocations will have another representative in the crypto space joining them.
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Mogo, the Canadian fintech firm will purchase BTC in 2021 as we can see more in today’s BTC news.

The Canadian fintech firm Mogo plans to make an initial corporate investment of more than $1 million in BTC and increase the amount next year. The crypto-friendly fintech company joined the recent trend of sizeable corporations that allocate funds in BTC. The Vancouver-based company announced the BTC-related plans earlier today with the statement reading that the company wants to allocate 1.5% of its total assets in Bitcoin. This would be a $1.2 million initial investment and more purchases as well throughout 2021.

Mogo will double-down on the crypto-related endeavors and one of its digital asset branches, launched in 2018. The company described it as the “Easiest way to buy and sell BTC in Canada” as it enables the customers to trade the asset at “real-time prices through the Mogo App.” The company also announced a BTC rewards program which provides the members to earn the coin through an engagement with the company’s products. Users have the chance to increase their BTC accumulation without having to buy more of the asset. The CFO of Mogo Greg Feller said:

 “We are strong believers in bitcoin as an asset class and believe this investment is consistent with our goal to make bitcoin investing available to all Canadians. In addition, we believe bitcoin represents an attractive investment for our shareholders with significant long-term potential as its adoption continues to grow globally.”

It’s worth noting that Mogo’s shares surged by about 12% following the announcement to $3.8 as of writing these lines. With the planned investment in BTC, Mogo will join other companies and institutions which started accumulating huge portions of the asset in the second part of the year. The Nasdaq-listed business company Microstrategy was among the first to buy BTC and purchased more than $1 billion worth of the main crypto asset. Jack Dorsey’s Square followed with a $50 million buys while some others include Guggenheim, One River hedge funds, and Ruffer Investment.