Canadian company Mogo, listed on the Nasdaq and the Toronto Stock Exchange, has announced plans to convert 1.5% of its cash reserve into Bitcoin (BTC).
Mogo buys Bitcoin
The company Mogo Vancouver-based publicly traded wishes to convert a portion of its cash in Bitcoin by the end of the year. Greg Feller, president of Mogo explained that the company’s initial investment could reach $ 1.5 million . He stated :
“We strongly believe in Crypto Engine as an asset class. We believe that BTC represents an attractive investment for our shareholders, with significant long-term potential . “
Founded in 2003, the Canadian company offers its clients personal loans, mortgages, Visa prepaid card and other services.
In 2018, the company launched a BTC buy and sell service in the form of a mobile app. Mogo is the only publicly traded and regulated by the country’s financial policeman (FINTRAC) company that offers a Bitcoin exchange service.
A long list
Since Microstrategy decided to convert some of its cash into BTC, a large number of companies have followed the voice.
According to the Bitcoin Treasuries site , there are 16 listed companies that hold Bitcoin. These 16 entities have 73,300 BTC in their hands, or about $ 1.7 billion .
Manager SkyBridge with $ 9.2 billion in assets under management and founded by former communications director Donald Trump launched a Bitcoin fund in December. He explained the interest of institutional investors in the most famous cryptocurrency:
“You have to accept whether Bitcoin is a store of value or not. After doing some research, we believe this is the case. And given the monetary supply and global central bank action right now, this will be a very strong asset class over the next decade. „