Mogo Posts Robust Bitcoin Transaction Volume In January

Mogo Inc. MOGO noted an over 300% month-over-month growth in bitcoin transaction volume in January. The new bitcoin account rose by 141%, with a 323% increase in dollar value in January from December.
Higher access by Canadians towards the evolving digital asset drove the growth.
“The continued growth in bitcoin transaction activity is very encouraging, and although it is not yet a material contributor to our overall revenue, it represents our fastest-growing product. Assuming we continue to experience strong uptake with MogoCrypto, it could represent a meaningful component of the growth in our Subscription & Services revenue in 2021. Moreover, it creates the opportunity for engagement with all our products and long-term growth in member monetization,” said Mogo CFO Greg Feller.
Mogo declared preliminary corporate investment plans of up to $1.5 million in bitcoin just a month back, with further investment plans in 2021 upon the monetization of its $17 million investment portfolio.
It disclosed the acquisition of digital payment company Carta Solutions Holding Corporation just a week back.
Recently Tesla Inc TSLA CEO Elon Musk endorsed the bitcoin Clubhouse audio chat app and attached the “#bitcoin” tag on his Twitter profile page, reported CNBC.
Price action: Mogo shares closed 1.43% higher at $4.25 on Monday.