Vancouver, British Columbia – (COMMERCIAL THREAD) – Mogo Inc. (NASDAQ: MOGO) (TSX: MOGO) (“Mogo” or the “Company”), a digital payments and financial technology company, has launched “green” bitcoin, an initiative that makes everyone bitcoins purchased on the Mogo positive climate platform. For every bitcoin purchased through its platform, Mogo will plant enough trees to fully offset the CO2 emissions produced by mining that bitcoin – and then some. This initiative, considered the first of its kind, also includes all bitcoin currently held by members of the platform. Mogo’s ‘green’ bitcoin once again demonstrates the company’s commitment to creating a healthier planet while allowing Canadians to invest and spend wisely.
The global cryptocurrency market recently hit an all-time high of over US $ 2.7 trillion, and bitcoin alone accounted for around 50% of that value. So far in October, Bitcoin’s average 24-hour transaction volume has exceeded $ 37 billion.
Bitcoin has great potential for investors who value ESG (Environmental, Social, and Governance) principles, but its environmental impact remains an obstacle; Bitcoin mining uses as much energy each year as the entire Swedish country. This negative impact discourages many Canadians from adding bitcoin to their wallets.
While some miners are embracing green power at the source, around 18.8 million bitcoins have already been mined to date; for every bitcoin mined, around 421,000 pounds of CO2 emissions are released into our atmosphere2. To address the scale of this problem, Mogo will plant trees to offset 500,000 pounds of CO2 for every bitcoin on its platform. This action offsets 79,000 pounds of CO2 more than what is produced by mining each bitcoin and effectively turns a Mogo bitcoin investment into climate action.
“Bitcoin has been the best performing asset class of the past decade with massive daily inflows,” said David Feller, CEO of Mogo. “But the enormous potential of bitcoin is hampered by its environmental impact; emissions created by mining are among the biggest issues facing this asset class today. By launching “green” bitcoin, we’ve made buying bitcoin good for the planet and arguably one of the most ESG-focused investments you can make. ”
Mogo is a leader in sustainable finance with the only card in Canada that turns spending into climate action by planting a tree every time you use it. In addition to offsetting all bitcoin purchased on its platform, the company offsets its own corporate investment footprint in bitcoin.
To learn more, visit https://blog.mogo.ca/our-bitcoin-its-green.
1 Co-telegraph. “BTC was the best performing asset of the last decade by 1000%.” Accessed October 25, 2021. https://cointelegraph.com/news/btc-was-best-performing-asset-of-past-decade-by-900.
2 From Visual Capitalist “Compare the carbon footprint of gold and bitcoin”
Mogo offers its over 1.6 million members simple digital solutions to improve their finances. Through the free Mogo app, consumers can access a digital spending account with the Mogo Visa * Platinum prepaid card, the only card of its kind in Canada. The MogoCard makes it easy to control spending while doing good for the planet by planting a tree for each purchase. The Mogo app also allows you to easily buy and sell bitcoin, get free monthly credit score monitoring and identity fraud protection, and access personal loans. Mogo’s wholly owned subsidiary, Carta Worldwide, also offers a digital payment platform that powers next-generation card programs of innovative fintech companies in Europe, North America and Asia-Pacific, while Mogo’s wholly owned subsidiary, Moka, offers automated and fully managed apartments. -investment costs to Canadians from coast to coast. To learn more, visit mogo.ca or download the mobile app (iOS or Android).