Canadian- based citizens are now able to buy Bitcoin with credit card using an application provided by Mogo.
The tech company based in Vancouver, Canada is being recognized as the first in the country to launch a solution for buying and selling Bitcoin in just few steps.
The founder and CEO of Mogo, David Feller stated that “Canadians are looking for a trusted and simple solution to buy and sell bitcoin, and that’s the need we’re addressing with MogoCrypto.”
Mogo’s announcement comes in line with the current Canadian regulation, providing even the green turn to integrate into the crypto market. Starting last month, the Canadian government has accepted and supported the “first blockchain ETF (exchange traded fund)“, while in January 2018, the country went through a legally complicated period.
Regardless of the confused opinion of the public authorities in Canada that link to the regulation of crypto coins, the country continues to support new projects based on blockchain technology or crypto networks in order to develop the technological and economic industries in the country.
“Mogo is uniquely positioned to bring bitcoin to the masses in Canada” stated Greg Feller, the Chief Financial Officer and President of Mogo.
MogoCrypto is the first app of its kind in Canada
Weekly, new Initial Coin Offering (ICO) projects are launched, but probably none of them compare to the Mogo platform, which has a network of over 500,000 users and a positive image on the technology market.
The new application created by Mogo was named MogoCrypto and is the first of its kind in Canada. The new product allows users to purchase and sell Bitcoin using a credit card and avoiding any fees.
“Canadians can sign up for free and in three minutes open a MogoAccount, have the account funded for free, and begin buying and selling bitcoin. This is the sixth product available in Mogo’s app which was built to provide consumers with an easy way to manage their financial health and further strengthens the value proposition for MogoMembers.”, according to the Mogo’s Press Release.
The official announcement was made on 29th March 2018 via Mogo’s website. In the same week, the platform Coin Dance has published a report that expressed an increase of over 300% in the LocalBitcoins marketed volume (in Canadian dollars).
Source: Coin Dance
The growth rate of transactions made on LocalBitcoins is due to measures taken by influential banks based in Canada that involved a ban on daily transactions using crypto assets.
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