Canadian fintech company, Mogo, announces to invest in continuously surging Bitcoin. Says that an amount equivalent to 10% of the value of reserve assets of the company will be invested before 2021.
A news report from Canada confirmed the announcement of Mogo’s investing in Bitcoin.
Mogo is a fin-tech company operating in Canada which told that it would be investing money in Bitcoin before 2021. It was informed by the company’s CFO that an amount equivalent to 10% of Mogo’s assets reserve will be injected into Bitcoin.
It will not be wrong to suggest that in 2020 the asset which got heavy investments from everywhere was Bitcoin. The starting point of the investment followed the trend when Microstrategy invested wholeheartedly in Bitcoin. According to experts, this was the turning point that curved the disaster of pandemic into something special for the crypto industry. At that time Microstrategy told that it invested in the coin because it wanted to replace its cash reserves’ percentage.
The investment proposed to be made by Mogo too had been intended for the same purpose as of Microstrategy.
Currently, there are a total of 28 public listed companies that had invested in Bitcoin. The collective value of Bitcoins available with these 28 companies is over US$ 27 Billion. This comes to at least 5.5% of the total supply of Bitcoin available/circulating in the crypto market.
Once Mogo’s investment share had been pooled in, it will join those companies on whose portfolios Bitcoin had already been included.
It was stated by Mogo’s CFO that for the time being the company would want to invest US$ 1.5 Million only. But this won’t be the last instead it would entail a series of Bitcoin investments in 2021. He also told that the Board of Directors had already given their approval of putting in US$ 17 Million into Bitcoin. However, the company didn’t want to invest all the money at once, he confirmed.
Mogo’s attachment with the crypto industry had not been a new one. In fact, in the year 2018, the company took the task of developing a crypto app for Canadian users. The company later on successfully developed and launched the app under the name Mogocrypto app. The app was accessible through mobile devices so as to allow the users to sell or purchase Bitcoin. However, a few months back, Mogo also introduced Bitcoinrewards programs for the users of the app.
In a statement, the CFO of Mogo told that the company finds Bitcoin as a distinct asset which is suitable for Mogo’s investment policy. He further added that the entire Board of Mogo is of the view that Bitcoin is a great source of earning profits. This makes Bitcoin as the best available store of value to anyone seeking to make handsome profits, said CFO.
He concluded that they wanted to ensure that they could keep up with the growth of Bitcoin as well as digitalization.