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Financial-services technology provider Mogo Inc. on Monday announced the purchase of 146 Ether coins at an average price US$2,780. Ether is the cryptocurrency used by Ethereum, an open-source, blockchain-based, decentralized software platform.
The purchase of Ether coins is part of Mogo’s asset-investment strategy, which includes investing up to 5% of the value of its cash and investment portfolio in cryptocurrencies. As of year-end 2020, Mogo’s equity investments totaled US$18.4 million.
Vancouver, British Columbia-based Mogo provides applications and services that enable consumers to manage their finances. Consumers can use the Mogo app to access a digital spending account and Mogo Visa Platinum Prepaid Card, buy and sell Bitcoin, and get free monthly credit score monitoring, ID fraud protection, and personal loans. The company says it has more than 1 million members.
Mogo has also invested in Bitcoin. Mogo has acquired 18 Bitcoins at an average price of US$33,083 per Bitcoin. In addition, the company has invested in Canadian cryptocurrency trading platform Coinsquare, purchasing a 20% stake in February for US$44.4 million, with 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,” says Mogo president and chief financial officer Greg Feller in a prepared statement.
Mogo could not be reached for additional comment.
