Mogo expands its crypto portfolio with investment in Ethereum. Mogo Inc., financial technology and digital payment company announced that it had purchased approximately 146 Ether at an average of US $ 2,780 as a part of its cross-border cryptocurrency strategy. It plans to invest up to 5% of its cash and investment portfolio value in cryptocurrencies.
Ethereum is an open-source, blockchain-based decentralized software platform that uses its own cryptocurrency, Ether.
Mogo’s Ethereum investment is consistent with management plans to increase company balance sheet investment in the blockchain and fintech ecosystem. The company has already invested in bitcoin, acquiring 18 bitcoin to date in open market transactions at an average price of US$33,083.
Recently Mogo closed its previously announced strategic investment in Coinsquare Ltd., Canada’s leading digital assets trading platform. Mogo has acquired 19.99% ownership interest in Coinsquare and maintains an option to increase its stake to 43%.
“The initial investment in Ether complements our earlier investment in Bitcoin and reflects our belief in the long-term potential of blockchain technology and its position as a core component of a next-generation financial technology platform,” said Greg Feller, President, and CFO of Mogo.
About Mogo
Founded in 2003, Mogo helps its one million members with simple digital solutions to control their financial health. Through the Mogo app, users can easily buy and sell Bitcoin. It also offers ID fraud protection and personal loan. Mogo’s wholly-owned subsidiary, Carta Worldwide offers a digital payment platform that powers next-generation card programs from innovative fintech companies.
Mogo is the latest company buying cryptocurrency for their corporate treasuries with Microstrategy, Square, and Tesla, China’s Meitu.
