First Bitcoin Cashback Mortgage Launched in Canada

Mogo, a Toronto-based fintech company and loan lender, has launched the first Bitcoin Cashback Mortgage in Canada — this means that Canadians can request a mortgage loan and earn at least $3,100 worth of Bitcoin.

Mogo is a fintech company that has expanded its Bitcoin Cashback program to include MogoMortgage, turning the company into the first-ever mortgage lender that will reward its users with Bitcoin.

The Crypto Market Expands in Canada

The crypto market in Canada is growing fast, mostly thanks to governmental support for crypto-assets. At least 3 BTC ETFs have been approved at the beginning of this year. Just a month after it was launch, Canada’s first Bitcoin ETF accrued over $450 million from investors.

This means that Canadians are keener to explore cryptocurrencies, but their inherent risk can drive away prospective investors. David Feller, CEO at Mogo, believes MogoMortgage can meet this demand without risking its customer’s capital:

Given the volatility and speculative nature of bitcoin, there’s an increasing number of Canadians who are looking for ways to participate without risking their own money, and our bitcoin rewards program meets this demand.

David Feller, CEO at Mogo [Business Wire]

Canada’s First Bitcoin Mortgage Cashback

Feller remarked that Bitcoin can offer unique opportunities as a long-term investment, stating that a $3,100 investment five years ago would now worth over $350,000.

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.

David Feller, CEO at Mogo [Business Wire]

With a $1.7 trillion mortgage market, Mogo expects to receive a large inflow of clients seeking exposure to crypto-assets, earning Bitcoin without risking their capital. “This is a great way to get a mortgage,” stated Greg Feller, Mogo’s Chief Financial Officer.

The residential mortgage market in Canada is a massive market estimated at about $1.7 trillion, and we’re pleased to provide Canadians with a great way to get a mortgage, while also earning bitcoin.

Greg Feller, President and CFO at Mogo [Business Wire]