Mogo (MOGO) Reports Over 300% Increase in Bitcoin Transaction Volume in January
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Mogo Inc. (NASDAQ: MOGO) (TSX: MOGO) (“Mogo” or the “Company”), a digital payments and financial technology company, today reported strong month-over-month growth in several key metrics in January related to its bitcoin account as an increasing number of Canadians look to gain access to this emerging digital asset.
- A 141% increase in new bitcoin account additions in January compared with December; and
- A 323% increase in the dollar value of bitcoin traded on the Mogo platform in January versus December
“In January, we continued to experience growing demand for new MogoCrypto accounts and increasing transaction activity among members, highlighted by a more than 300% month-over-month increase in trading volume,” said David Feller, Mogo’s Founder and CEO. “We believe this product offers significant long-term growth opportunity for Mogo. There are more than $13 trillion in assets1 held by Canadians and, while bitcoin continues to gain credibility as an asset class, the majority of Canadians do not own or have exposure to it. Our app offers a simple, transparent and low-cost way to buy and sell bitcoin, and members also benefit from our other financial health solutions, all integrated into one seamless, easy-to-use, digital account.”
Greg Feller, President and CFO of Mogo, added: “The continued growth in bitcoin transaction activity is very encouraging and although it is not yet a material contributor to our overall revenue, it represents our fastest-growing product. Assuming we continue to experience strong uptake with MogoCrypto, it could represent a meaningful component of the growth in our Subscription & Services revenue in 2021. Moreover, it creates the opportunity for engagement with all our products and long-term growth in member monetization.”
Mogo is one of the fintech pioneers in Canada and the only well-established Canadian company publicly traded on the TSX and NASDAQ, offering a simple and low-cost way to buy and sell bitcoin. MogoCrypto1, launched in 2018, offers an easy and convenient way to buy and sell bitcoin in Canada. It enables members to buy and sell bitcoin at real-time prices instantly through the Mogo app, 24/7 from their mobile device.
1Statistics Canada (2019)
2To be eligible for MogoCrypto, members must first pass Mogo’s identity and security verification process and agree to the MogoCrypto Terms and Conditions. For more information, see MogoCrypto Terms and Conditions: https://www.mogo.ca/pdfs/MogoCryptoTermsAndConditions.pdf
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