Mogo Buys ETH
Mogo, the Nasdaq listed Canadian crypto fintech company has announced a purchase of about half a million worth of eth.
The company said they bought 146 eth at an average price $2,780 and plan to invest up to 5% of its cash and investment portfolio value in cryptocurrencies.
They recently sold off Vena Solutions for nearly $5 million, with some of those funds potentially going to crypto.
“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.
Mogo started off as a more traditional fintech company focusing on loans, mortgages and the like, but it has seen more and more growth in its bitcoin and selling business, hence has shifted the focus to crypto including by purchasing a 20% stake on Coinsquare, one of Canada’s biggest crypto exchange.
On Mogo itself however only bitcoin can be bought and sold, making this investment in eth interesting as it might suggest an expansion of their focus.
In addition this is one of the first companies to add ethereum to their corporate balance sheet, albeit a relatively small amount.
That was bitcoin’s provenance as a hedge or diversifier, but ethereum may now begin to be seen likewise too especially following its announced plans to burn fees and remove the inflation from miners by going full proof of stake.
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