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Canadian fintech company Mogo announced that its board has authorized the allocation of 50 million dollars in Bitcoin.
According to Deep Tide TechFlow news on July 2, reported by Businesswire, financial technology company Mogo announced that its board has authorized the allocation of up to $50 million in Bitcoin as part of the company's long-term capital preservation and product innovation strategy.
Mogo plans to achieve this goal in phases through excess cash on the balance sheet and additional liquidity from its investment portfolio. The company will also use Bitcoin as the benchmark return for capital allocation, and only projects expected to yield returns exceeding the long-term gains of holding Bitcoin will receive investment.
In addition, Mogo will integrate Bitcoin into its core business, including the launch of a portfolio based on a 60/40 equity/Bitcoin model, the development of Bitcoin-related loan products, and the exploration of stablecoin infrastructure for faster and lower-cost cross-border transactions.