MogoCrypto to launch in Q1 2018
VANCOUVER, Jan. 3, 2018 /CNW/ - Mogo Finance Technology Inc. (TSX: MOGO; OTCQX: MOGOF) ("Mogo" or the "Company"), one of Canada's leading financial technology companies, today announced that it plans to bring a new level of convenience and transparency to bitcoin ownership for all Canadians. With the planned launch of MogoCrypto in the first quarter of 2018, MogoMembers will be able to easily buy and sell bitcoin through their MogoAccount.
"For the average Canadian, buying bitcoin today can be complicated, intimidating and costly, but it shouldn't be that difficult," said David Feller, Founder and CEO of Mogo. "Our goal in launching MogoCrypto is to provide an opportunity for all Canadians, many of whom may be new to bitcoin and cryptocurrencies, to participate in this market in a way that is easy and transparent and through a brand they trust. Mogo's app was built to provide consumers with an easy way to manage their financial health, and as bitcoin becomes more mainstream, having these capabilities in our existing multi-product mobile account will provide a compelling value proposition that is unique in Canada. With 500,000 members and growing, national marketing reach, and our mobile-first technology platform, we believe Mogo is uniquely positioned to be the leader in bringing cryptocurrencies to the masses."
Within the MogoAccount, members will be quoted a single price for bitcoin and will be offered multiple payment options to make real-time purchases. Members will be able to access the value of their holdings in real time and receive push notifications whenever the price of bitcoin changes by 5%. Selling will be simple, as members will be able to sell at any time and withdraw the funds or have them transferred to their Mogo Platinum Prepaid Visa® Card for spending. MogoMembers also get access to the Company's other digital financial products such as free monthly credit score monitoring.
Greg Feller, President and CFO of Mogo, added: "Mogo continues to bring innovation to digital banking in Canada, and we have a robust roadmap for 2018 which will see us continue to enhance current products and introduce new ones. Advances in blockchain technology will clearly have a profound impact on the next-generation banking experience. With one of the country's largest dedicated and experienced fintech teams of over 250 people, including a technology and product development team of almost 100 people, we aim to be a leader in the convergence of blockchain technology and digital banking."
To celebrate the upcoming launch of MogoCrypto, new and existing MogoMembers are eligible to win a bitcoin for free. The first draw deadline was December 31st and three additional coins will be given away at the end of each month over the next three months. To become a MogoMember, users can simply open an account for free in minutes through the Mogo app or through their desktop. Additional contest details are available at www.mogo.ca/mogo-crypto and the Official Rules & Regulations are available at www.mogo.ca/pdfs/MogoBitcoinContestTermsAndConditions.pdf.
Mogo (TSX: MOGO; OTCQX: MOGOF) — a Vancouver-based financial technology company— is focused on building the best digital financial services experience for the next generation of Canadians. Mogo's platform currently delivers five innovative products designed to help consumers get in control of their financial health. Built mobile first, users can sign up for a free MogoAccount in only three minutes and get access to free credit score monitoring, identity fraud protection, the Mogo Platinum Prepaid Visa® Card, mortgages and personal loans. The platform was engineered to deliver multiple financial products at scale and enable the launch of additional new innovative products, including the Company's recently announced MogoCrypto account which is expected to launch early in 2018. With more than 500,000 members and growing, Mogo continues to execute on its vision of becoming the financial brand for the next generation of Canadians. To learn more, please visit mogo.ca or download the mobile app (iOS or Android).
This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements regarding the timing of launch of MogoCrypto, the features of MogoCrypto, enhancements to Mogo's current products and plans to introduce new products based on blockchain technology and otherwise. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual financial results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Mogo's growth and its ability to expand into new products and markets are subject to a number of conditions, many of which are outside of Mogo's control. For a description of the risks associated with Mogo's business please refer to the "Risk Factors" section of Mogo's annual information form dated March 7, 2017, which is available at www.sedar.com. Except as required by law, Mogo disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.
SOURCE Mogo Finance Technology Inc
For further information: Craig Armitage, Investor Relations, [email protected], (416) 347-8954