Mogo Inc., a Vancouver-based fintech mortgage loan company, has announced it plans to invest up to $1.5 million in bitcoin (EXANTE: Bitcoin). The investment is not final as the company considers another crypto purchases in 2021 monetize its $17 million investment portfolio.
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According to an official press release, the purchase represents approximately 1.5% of Mogo’s total assets. Mogo President and Chief Financial Officer, Greg Feller, says the company is a strong believer in BTC as an asset class and believes this investment is "consistent with our goal to make bitcoin investing available to all Canadians."
"We plan to initially allocate a modest portion of our capital toward bitcoin investments and will consider additional investments in bitcoin as we monetize some of our existing $17 million portfolio which we expect to begin doing in 2021," Feller added.
Despite bitcoin's recent surge, the majority of Canadians do not own or have exposure to the cryptocurrency, Mogo says. In the meantime, SkyBridge Capital, a global alternative investments firm, invested $25 million in bitcoin through its new fund as the firm realized it needed to create a new client-friendly product.
The assets have already been moved and the company has launched a full node on the Bitcoin network. Fidelity Digital Assets provided technical support and custody services. The minimum investment amount is $50,000 and the fund will start offering its services to foreign investors in January 2021.
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