Mogo (MOGO.T) has been riding high on Bitcoin’s bull run, enjoying a 135% increase month over month in the dollar value of the bitcoin trading on their platform between October and November, coming hot on the heels of their earlier announcement of Bitcoin amounts increasing 237% in Q3, 2020, over last year.
MogoCrypto was launched in 2018 and touts itself as the easiest way to buy and sell bitcoin in Canada.
The bounce isn’t exactly unexpected. When Bitcoin bulls run they take everyone and everything tied to it, even in the most oblique of fashions, along for the ride. When it does poorly, these ancillary products tend to either fade quietly into the background, or die out altogether.
“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. 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,” said David Feller, Mogo’s founder and CEO.
MogoCrypto gives members the ability to buy and sell their bitcoin at real-time prices through the Mogo app. They have 24/7 access from their mobile device, which brings both convenience and accessibility to bitcoin ownership, as long as you don’t lose your phone, SIM card, and don’t put anything in the cloud. There’s free sign up and in three minutes you can have an account, and do your first trade in 30 minutes with no funding fee.
“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,” said Greg Feller, president and CFO of Mogo.