Mogo Set to Acquire Additional Shares In Canada-Based Crypto Platform Coinsquare

 

Mogo Inc. (NASDAQ: MOGO) (TSX: MOGO) a Canada-based digital payments and financial technology company, announced on Tuesday it is set to acquire additional 2.0% of the outstanding common shares of cryptocurrency platform, Coinsquare.  The acquisition was announced just a little over a month after Coinsquare closed a strategic investment from Mogo.

As previously reported, Coinsquare claims to be one of the world’s premier cryptocurrency platforms for trading Bitcoin, Ethereum, XRP, and other cryptocurrencies.

“Coinsquare is FINTRAC regulated, has secured an exclusive relationship with one of Canada’s Big 5 banks. Coinsquare remains focused on transparency, risk mitigation, and building a regulated and safe environment for the trading of digital assets.”

Mogo revealed it will also have an option to acquire an additional 3.4% of the outstanding Coinsquare Shares from the Vendors within 120 days from the closing date of the Acquisition under similar terms, subject to certain conditions. Speaking about the shares’ acquisition, Greg Feller, President of Mogo, stated:

“Coinsquare is the leading crypto trading platform in Canada and a highly valuable asset in the Canadian fintech ecosystem. They continue to perform very strongly, growing both their revenue and EBITDA rapidly in 2021. The company generated record monthly revenue of $8.0 million in April1, and May’s performance is expected to exceed that high mark. In addition to the financial merits of our investment, this is a great fit strategically and supports our objectives to build the most comprehensive digital wallet in Canada, including a range of investing and saving options and a free stock trading solution.”

Mogo went on to add that the acquisition is expected to complete in mid-June 2021.

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