Shifting towards adoption can be a great thing for a company that operates in a country where adoption is on the up whatever industry you are in but when that industry involves finance it can be even more so.
That's what Canadian company Mogo Finance Technology Inc. just discovered. In an interview with Bloomberg, the company revealed the how and why surrounding its decision to leverage the technical capabilities of a cryptocurrency and blockchain system to enhance its operations.
For anyone not familiar with Mogo, the company is an online lending agency that offers things like personal loans, prepaid Visa cards and mortgages through mobile apps or computer.
The company announced that it has recently hired a Bitcoin industry executive, Wayne Chen, who worked on the development and implementation of the N Trust platform, to fill the role of Senior Product Manager at the agency.
Here's what CFO Greg Feller had to say on the development:
“We’re basically building a digital banking experience for the next generation of consumers… we are going to be bringing a crypto account inside the Mogo account.”
Adding:
“ We have the ability now, because of the digital account that we built, to very quickly add new, innovative products and we’ve got the scale to roll them out… As we continue to roll out new products [such as a Bitcoin Wallet], people are realizing that we truly are this platform company, and that obviously is part of what people are starting to appreciate in the market ”
Since the development hit press, the company's shares have risen considerably, with action pushing up Mogo’s open market capitalization to the tune of 35% on its pre-announcement valuation.
Perhaps this will push other players in this seemingly lucrative space to follow Mogo’s lead and take the plunge on adoption.
We'll keep an eye on things and update as we go.