Mogo Finance Technology Inc. (OTCQX: MOGOF) (TSX: MOGO), 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.”
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