Thursday, July 29th, 2021
Mogo, a fintech & payments company, has increased its crypto holdings after a significant Ether purchase. Ether is the digital currency used by Ethereum and the second-biggest crypto asset by market capitalization. Mogo, which already holds bitcoin (BTC), recently publicized the buying of 146 Ether coins at US $2,780 per coin.
According to the financial-service firm, this purchase is part of an asset-investment plan, which involves putting up to 5 percent of its cash and investments into digital currencies. At the close of 2020, Mogo’s equity investments stood at US$18.4 million.
Mogo is a fintech firm that builds applications and technologies that allow users to manage their money. Through Mogo’s mobile app, users can view and manage their digital spending account and access other services, including;
- Mogo Visa Platinum Prepaid Card
- Identity fraud protection
- Buy and sell crypto like BTC
- Enjoy free credit score tracking
- Apply for personal loans.
Up to 1 million users already enjoy these services, according to the firm.
Mogo also owns Carta Worldwide, a digital payments service that supports digital card programs from groundbreaking financial-service tech firms in Europe and North America.
The company began its crypto investment journey with Bitcoin (BTC). Mogo bought18 Bitcoins at around US$33,083 per BTC. Furthermore, the firm has also invested in Coinsquare, a Canadian crypto trading service. In February, it bought a 20% stake for US$44.4 million, with the freedom to increase its stake to 43 percent.
“This investment in Ether is in line with our previous investments in Bitcoin and shows our confidence in the long-term potential of blockchain tech and its place as a primary component of a digital fintech platform,” says Mogo’s President & CFO, Greg Feller.
Mogo’s adoption of crypto is a significant step in the right direction. The strategy will offer users the option to deal in a preferred currency as cryptocurrencies become the order of the day.