Next Generation of Canadian Banking Customers Want To Use Bitcoin

Doug Alexander of Bloomberg Technology reports an online lender’s stock price and value “rose the most in eight months after moving a step closer to giving customers the ability to hold bitcoin and other cryptocurrencies in digital wallets.”

Bitcoin is the Future of Banking

“We’re basically building a digital banking experience for the next generation of consumers,” CFO Greg Feller told Bloomberg by phone. Mr. Feller stated plainly, “we are going to be bringing a crypto account inside the Mogo account.”

Mogo Finance Technology Inc. is a Canadian online lender. Mogo products include “access to personal loans, prepaid Visa cards and mortgages through mobile apps or computer. The next step is incorporating a digital wallet for cryptocurrencies into its platform,” Bloomberg notes.

As an established brand in Canada, Mogo has a built-in advantage with nearly half of a million customers. “We have the ability now, because of the digital account that we built, to very quickly add new, innovative products and we’ve got the scale to roll them out,” Mr. Feller said, adding that investors are starting to take notice.

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“As we continue to roll out new products [such as a bitcoin wallet], people are realizing that we truly are this platform company, and that obviously is part of what people are starting to appreciate in the market,” he explained.

Investors have noticed too. “Mogo shares rose as much as 35 percent,” Bloomberg Technology detailed, “the most since the company’s initial public offering.”

The company also announced Wayne Chen, formerly of N Trust, as Senior Product Manager. “We are pleased to welcome Wayne to the team as we continue to expand our capabilities in this area,” Mogo said in a press release. Mr. Chen was instrumental in N Trust’s bitcoin wallet and exchange products.

Mr. Feller concludes, “Canadians, especially tech savvy millennials, want a safe, trusted and easy way to own and ultimately use Bitcoin and other cryptocurrencies.” Mogo, he said, plans “to leverage the power of our technology platform to reduce transaction costs and make these products accessible to more Canadians.”