VANCOUVER, BC – (BUSINESS WIRE) – May 3, 2021
Mogo Inc. (NASDAQ: MOGO) (TSX: MOGO) (“Mogo” or “Company”), a digital payments and financial technology company, announced today that it has acquired approximately 146 Ether (ETH) at an average price of $ 2,780. … Ethereum is an open source, blockchain-based decentralized software platform that uses its own cryptocurrency Ether.
Mogo’s investment in Ethereum is in line with management’s plans to increase the Company’s balance sheet investments in the blockchain and fintech ecosystem, especially as the company is monetizing its equity portfolio, which was valued at approximately $ 18.4 million as of December 31, 2020. Last week, Mogo announced the sale of its investment in Vena Solutions for $ 4.7 million in revenue, up 116% from its book value as at December 31, 2020. In addition, the Company has already invested in bitcoins, having acquired about 18 bitcoins on the open market to date. transactions at an average price of USD 33,083. Mogo plans to invest up to 5% of its cash and portfolio value in cryptocurrencies.
This initial financial investment in Ethereum is based on significant Mogo product development and corporate development in the cryptocurrency space. Mogo recently closed its previously announced strategic investment in Coinsquare Ltd. (“Coinsquare”), Canada’s leading digital asset trading platform, under which Mogo acquired a 19.99% stake in Coinsquare and retains the option to increase its stake to 43%.
“This initial investment in ether complements our previous investment in bitcoin and reflects our belief in the long-term potential of blockchain technology and its position as a core component of the next generation fintech platform,” said Greg Feller, president and chief financial officer of Mogo. …
Mogo provides its over one million members with simple digital solutions to help them control their financial health. With the Mogo app, consumers can access their digital spending account with an auto-offset Mogo Visa * Platinum prepaid card, buy and sell bitcoin easily, and receive free monthly credit monitoring, ID fraud protection, and personal loans … Mogo’s 100% subsidiary Carta Worldwide also offers a digital payment platform that supports the next generation of innovative fintech companies’ card programs in Europe, North America and Asia Pacific. To find out more, visit mogo.ca or download the mobile app (iOS or Android).
This press release may contain “forward-looking statements” within the meaning of applicable securities laws, including statements regarding the inclusion of statements regarding management’s plans to increase Mogo’s investment in cryptocurrencies, blockchain and fintech ecosystems, and to monetize Mogo’s investment portfolio. Forward-looking statements are necessarily based on a number of estimates and assumptions which, although management believes them to be reasonable at the time of preparation, are inherently subject to significant business, economic and competitive uncertainties and unforeseen circumstances and may turn out to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual financial results, performance or achievements to differ materially from the estimated future results, performance or achievements expressed or implied in these forward-looking statements and projections. … appealing statements are not guarantees of future results. Mogo’s growth, its ability to enter new products and markets, and its expectations for future financial performance are subject to a number of conditions, many of which are beyond Mogo’s control. For a description of the risks associated with Mogo’s business, see the Risk Factors section of the current Mogo Annual Report. an information form available at www.sedar.com and www.sec.gov. Except as required by law, Mogo disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.
KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: MOBILE / WIRELESS TECHNOLOGIES FINANCIAL SECURITY BANKING SERVICES PROFESSIONAL SERVICES SOFTWARE DATA MANAGEMENT CONSUMER ELECTRONICS OTHER PROFESSIONALS
Copyright by Business Wire 2021.
PUB: 05/03/2021 08:14 / DISK: 05/03/2021 08:14
Copyright by Business Wire 2021.