Canadian Loan Broker Mogo Offers Bitcoin Cashback on Home Loans

Canadian online lender Mogo has introduced a Bitcoin cashback mortgage.

Shutterstock cover by Lukasz Stefanski

Key Takeaways

  • Canadian fintech firm Mogo Inc. has launched Bitcoin cashback on mortgages and refinances.
  • Mogo's CEO says it is a way for customers to start accumulating Bitcoin.
  • Previously, the company offered crypto Visa cards.

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NASDAQ-listed financial services firm Mogo Inc. has offered Bitcoin cashback on home loans and refinance borrowings. 

Mogo Promotes Bitcoin 

Canadian mortgage broker Mogo Inc. will give Bitcoin cashback rewards to borrowers on its mortgage platform up to $3,100. 

The Company will pay cashback in Bitcoin to the customer’s Bitcoin & Rewards Account based on the principal amount. The cashback begins from $500 and ranges between 0.25%-0.35% of the borrowing amount. 

bitcoin cashback
MogoMortgage Bitcoin Cashback. Source: Mogo

The feature is available across eight provinces in Canada. 

David Feller, the company’s founder and CEO, noted in the press release that individuals would soon look to add Bitcoin just like “corporations add it to their balance sheets.” He added: 

“Unlike traditional reward programs, bitcoin rewards have the unique characteristic of being an asset class that can rise in value over time – $3,100 invested in bitcoin 5 years ago would be worth over $350,000 today.”

Mogo’s entry into Bitcoin is not new. The company enables buy and sell on its online platform MogoCrypto service and also holds BTC on its balance sheet like MicroStrategy and Tesla.

Earlier, Mogo also offered BTC cashback for Platinum VISA Prepaid Card customers.

Disclosure: The author held Bitcoin at the time of press. 

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