Bitcoin Keeps Expanding its Boundaries in Canada

If Bitcoin breaking all time highs is not enough, then here there is more. A Canadian online lender, Mogo Finance Technology Inc. will incorporate a digital wallet for cryptocurrencies.

Cryptocurrencies Expanding Their Power

The decision comes after the company deeply analyzed the Canadian market. “Canadians, especially tech savvy millennials, want a safe, trusted and easy way to own and ultimately use Bitcoin and other cryptocurrencies”, commented Mogo’s CEO Greg Feller to Bloomberg.

At the moment, Mogo offers personal loans, prepaid Visa cards, mortgages and now cryptocurrencies. Everything can be used through the mobile application or the computer. After reaching 500.000 customers, the brand decided to expand itself. “We have the ability now, because of the digital account that we built, to very quickly add new, innovative products and we have got the scale to roll them out,” Mr. Feller said to Bloomberg.

The company shares grew 35% after investors knew about this information. “Mogo plans to leverage the power of our technology platform in order to reduce transaction costs and make these products accessible to more Canadians,” concluded Mr. Feller.

Some technological companies are starting to accept Bitcoin and other cryptocurrencies due to their high acceptance among youngsters. Lots of enterprises are working with blockchain technology to make transactions faster and cheaper.

Unstoppable Bitcoin, can it Reach 10000 AUD?

We have seen a Bitcoin uprising in the last days. Since October the 29th, Bitcoin price was $7450 AUD and today arrived at $9661 AUD a new all time high for the virtual currency. The bullish market in which we are at the moment seems really strong. Indeed, buyers keep appearing and the price is not being corrected yet.

Investors may be waiting for the next Bitcoin hard fork in mid-November. The Bitcoin blockchain will split at block number 494,784 and start to be traded later on in some platforms. The intention with this hard fork (SegWit2x) is to change the size of the blocks from 1MB to 2MB, a decision disputed  between the Bitcoin enthusiasts.

After the hard fork, a healthy correction in the Bitcoin price may occur. Though, it’s not certainly that the correction may happen. 

Photo source: RiskManagementMonitor

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