Mogo adds dedicated blockchain capabilities
VANCOUVER, Oct. 30, 2017 /CNW/ - Mogo Finance Technology Inc. (TSX: MOGO; OTCQX: MOGOF), 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."
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of applicable Canadian securities
legislation. Forward-looking statements include, but are not limited to, statements regarding Mogo's intention to accelerate its
plans to integrate Bitcoin and other cryptocurrencies into the MogoAccount and introduce new products and features based on
blockchain technology and statements regarding Mogo's member growth, platform, brand, current products and plans to launch new
products. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered
reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and
contingencies. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual
financial results, performance or achievements to be materially different from the estimated future results, performance or
achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of
future performance. Mogo's growth and its ability to expand into new products and markets are subject to a number of conditions,
many of which are outside of Mogo's control. For a description of the risks associated with Mogo's business please refer to the
"Risk Factors" section of Mogo's annual information form dated March 7, 2017, which is available at www.sedar.com . Except as required by law, Mogo disclaims any
obligation to update or revise any forward-looking statements, whether as a result of new information, events or
otherwise.
About Mogo
Mogo (TSX: MOGO; OTCQX: MOGOF) — a Vancouver-based financial technology company— is focused on building the best digital
financial services experience for the next generation of Canadians. Mogo's platform currently delivers four innovative products
designed to help consumers get in control of their financial health. Built mobile first, users can sign up for a free MogoAccount
in only three minutes and get access to free credit score monitoring, the Mogo Platinum Prepaid Visa® Card, mortgages and
personal loans. The platform was engineered to deliver multiple financial products at scale and enable the launch of
additional new innovative products all within the same digital account. With more than 450,000 members and growing, Mogo
continues to execute on its vision of becoming the financial brand for the next generation of Canadians. To learn more, please
visit mogo.ca or download the mobile app (iOS or Android).
SOURCE Mogo Finance Technology Inc
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