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Mogo Announces Formation of Mogo Blockchain Technology and Announces Plans to Begin Bitcoin Mining with DMG Blockchain Solutions
Mogo Announces Formation of Mogo Blockchain Technology and Announces Plans to Begin Bitcoi...
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[{"type":"text","content":"\n\n\n\nMogo Announces Formation of Mogo Blockchain Technology and Announces Plans to Begin Bitcoin Mining with DMG Blockchain Solutions\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Jan. 23, 2018\n\n\n\nVANCOUVER, Jan. 23, 2018 /CNW/ - Mogo Finance Technology Inc. (TSX: MOGO; OTCQX: MOGOF) (\"Mogo\" or the \"Company\"), one of Canada's leading financial technology companies and a provider of innovative financial products to consumers, today announced the formation of a new subsidiary – Mogo Blockchain Technology Inc. (\"Mogo Blockchain\") – which will serve as the main vehicle for Mogo's blockchain operations, including new product development and strategic partnerships.  As the first strategic initiative, Mogo Blockchain plans to begin bitcoin mining, through an agreement with DMG Blockchain Solutions (\"DMG\"), a Vancouver-based company focused on bitcoin mining hosting (mining as a service (MaaS)) and diversified blockchain platform development. \n\n\n \n \n\n \nUnder the agreement with DMG, Mogo will initially lease 1,000 bitcoin mining machines, which the Company expects to be operational later this quarter. The machines will be managed and operated by DMG under its MaaS model and will be located at DMG's facilities in British Columbia. Mogo and DMG have also entered into a letter of intent to form a dedicated joint venture for bitcoin mining. The expansion into bitcoin mining follows Mogo's announcement regarding the launch of MogoCrypto – a new product that will allow Canadians to easily buy and sell bitcoin through their MogoAccount and will bring a new level of convenience and transparency to bitcoin ownership. \n\n\"We strongly believe blockchain technology will have a profound impact on transforming financial services and will become a core part of a modern financial technology platform. Mogo is focused on building the best digital financial services experience for the next generation of Canadians, and we are committed to adding capabilities in blockchain through in-house development and strategic...