Vancouver’s Mogo announced today that it has purchased approximately 146 Ether (ETH) at an average price USD $2,780. Ethereum is an open-source, block-chain based, decentralized software platform that uses its own cryptocurrency, Ether.
Mogo’s Ethereum investment is consistent with the company’s plans to increase their on balance sheet investment in the blockchain and fintech ecosystem. Mogo’s portfolio of equity investments which had a value of approximately CAD $18.4 million at the end of 2020.
Last week, Mogo announced the sale of its investment in Vena Solutions for proceeds of $4.7 million. Mogo’s investment portfolio was acquired as part of its 2019 business combination with Difference Capital Financial and the Vena investment is one of about a dozen equity investments in private technology and e-gaming companies.
Mogo has already invested in Bitcoin, acquiring approximately 18 Bitcoins to date in open market transactions at an average price of USD $33,083 with plans to invest up to 5% of its cash and investment portfolio value in cryptocurrencies.
This initial financial investment in Ethereum builds on Mogo’s significant product development and corporate development activity in cryptocurrency. Mogo recently closed a strategic investment in Coinsquare, Canada’s leading digital asset trading platform, acquiring 20% ownership interest and maintains an option to increase its stake to 43%.
“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,” said Greg Feller, President and CFO of Mogo.