Canadian Fintech Mogo Announces Corporate Investment in Ethereum

 

Mogo Inc. (NASDAQ: MOGO) (TSX: MOGO) a Canada-based digital payments and financial technology company, announced on Monday it has purchased approximately 146 Ether (ETH) at an average price $2,780. The company reported that its Ethereum investment is consistent with management’s plans to increase its on-balance sheet investment in the blockchain and fintech ecosystem, particularly as it monetizes its portfolio of equity investments which had a value of approximately $18.4 million as of December 31th.

Greg Feller, President and CFO of Mogo, shared more details about the investment by stating:

“This initial investment in Ether complements our earlier investments 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.”

The investment in Ethereum comes weeks after Mogo announced the recently closed its previously announced strategic investment in Coinsquare, a Canada-based digital asset trading platform. Mogo has also already invested in Bitcoin, acquiring approximately 18 Bitcoins to date in open market transactions at an average price of $33,083. Mogo plans to invest up to 5% of its cash and investment portfolio value in cryptocurrencies.

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