Mogo adds dedicated blockchain capabilities
VANCOUVER, Oct. 30, 2017 /CNW/ - Mogo Finance Technology Inc. (TSX: MOGO; OTCQX: MOGOF), one of Canada's leading financial technology companies, today announced that it has added dedicated blockchain capabilities to accelerate its plans to integrate Bitcoin and other cryptocurrencies into Mogo's digital account as well as future new products and features based on blockchain technology.
"It's hard to overstate how disruptive and transformative blockchain technology can be for banking, as it enables a faster, more secure and trusted way to transfer data. In fact, many believe that blockchain will be as disruptive to the financial system as the internet was to the media industry," said David Feller, Founder and CEO of Mogo. "Developing new products and features based on blockchain technology and cryptocurrencies is a natural extension for Mogo as we continue to build a digital banking experience for the next generation of consumers."
"Canadians, especially tech savvy millennials, want a safe, trusted and easy way to own and ultimately use Bitcoin and other cryptocurrencies," said Greg Feller, President and CFO of Mogo. "Mogo's app was built to provide consumers with an easy way to manage their financial health. Adding these capabilities to our existing multi-product mobile account will provide a compelling value proposition that is unique in Canada. Perhaps most importantly, we plan to leverage the power of our technology platform to reduce transaction costs and make these products accessible to more Canadians."
"We've invested more than $150 million building what we believe is the leading mobile-first digital account and banking experience in Canada. We have close to half a million members and 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," continued Greg Feller. "As a result, we believe Mogo is uniquely positioned to offer consumers the ability to own and use cryptocurrencies in a simple, transparent and trusted way."
Today's announcement includes the recent addition to the Mogo team of Wayne Chen, who joins as a Senior Product Manager to lead the development of Mogo's blockchain initiatives. Chen has significant blockchain and cryptocurrency experience, having previously held the position of Senior Director, Head of Product at nTrust, where he designed and developed a Bitcoin wallet and Exchange.
"We are pleased to welcome Wayne to the team as we continue to expand our capabilities in this area," continued David Feller. "Blockchain technology will clearly have a profound impact on the next generation banking experience and we are excited to begin adding this into our product and platform roadmap. We've also formed a strong legal and compliance team to support our evolution as a digital platform, and we will continue to build out this competency as the regulation of blockchain further evolves."
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 Mogo's intention to accelerate its plans to integrate Bitcoin and other cryptocurrencies into the MogoAccount and introduce new products and features based on blockchain technology and statements regarding Mogo's member growth, platform, brand, current products and plans to launch new products. 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.
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 four 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, 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 all within the same digital account. With more than 450,000 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).
SOURCE Mogo Finance Technology Inc
For further information: Craig Armitage, Investor Relations, [email protected], (416) 347-8954