Benzinga | Feb 1, 2021 04:37PM EST

Mogo Posts Robust Bitcoin Transaction Volume In January

* Mogo Inc. (NASDAQ: MOGO) noted an over 300% month-over-month growth in bitcoin transaction volume in January. The new bitcoin account rose by 141%, with a 323% increase in dollar value in January from December.

* Higher access by Canadians towards the evolving digital asset drove the growth.

* "The continued growth in bitcoin transaction activity is very encouraging, and although it is not yet a material contributor to our overall revenue, it represents our fastest-growing product. Assuming we continue to experience strong uptake with MogoCrypto, it could represent a meaningful component of the growth in our Subscription & Services revenue in 2021. Moreover, it creates the opportunity for engagement with all our products and long-term growth in member monetization," said Mogo CFO Greg Feller.

* Mogo declared preliminary corporate investment plans of up to $1.5 million in bitcoin just a month back, with further investment plans in 2021 upon the monetization of its $17 million investment portfolio.

* It disclosed the acquisition of digital payment company Carta Solutions Holding Corporation just a week back.

* Recently Tesla Inc (NASDAQ: TSLA) CEO Elon Musk endorsed the bitcoin Clubhouse audio chat app and attached the "#bitcoin" tag on his Twitter profile page, reported CNBC.

* Price action: Mogo shares closed 1.43% higher at $4.25 on Monday.