Canadian fintech company Mogo (NASDAQ: MOGO) is adding more ways to earn bitcoin through their cashback program.
This bitcoin cashback program is a first of its kind. Mogo currently already features a bitcoin cashback program for their Visa Platinum Prepaid Card customers. Additionally, the bitcoin & rewards accounts of users will be utilized to deposit the cashback.
Mogo CEO David Feller seemed highly optimistic following the announcement as he commented:
“As an independent mortgage brokerage, our goal has always been to help members get the best rate and the right mortgage, and now our new bitcoin rewards program will reward them with up to $3,100 in bitcoin.”
A Break From Traditional Cashback Programs
According to Feller, one of the things that attracted the company towards creating a bitcoin-based cashback program was the earning potential it could bring to their customers. Fuller elaborated further on bitcoin:
“Unlike traditional reward programs, bitcoin rewards have the unique characteristic of being an asset class that can rise in value over time – $3,100 invested in bitcoin 5 years ago would be worth over $350,000 today.”
The idea is that the user’s earnings through the cashback program won’t be determined by a point system that the company can alter at any time. Instead, the value of those points will be determined by the value of the cryptocurrency itself.
Refinance or Apply For New Mortgage
There are essentially two ways to be able to access this new cashback program. Mogo customers can apply for a new mortgage on the app. Mogo offers access to different lenders allowing users to compare rates before choosing who to borrow from. Users to get access to the cashback program once they get refinance their existing mortgage. Although, it’s not clear if that process can be done directly through the app.
Buy A Home & Get Free Bitcoin?
Essentially, Mogo is offering customers free bitcoin through their mortgage payment. Customers with a mortgage worth over CAD 750,000 could potentially be earning CAD 3,100 worth of bitcoin at the time of the purchase. For now, only Canadian residents can access the program. There is no real indication that could change any time soon.