Canadian fintech company Mogo said it has purchased 146 ETH at an average price of $2,780
It is known that a fintech company that works with digital payments Mogo has allocated a portion of its cash reserve to buy Ethereum.
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Mogo has acquired Ethereum with part of its cash reserves after buying Bitcoin
Mogo is a public digital payments company whose stocks are traded on the Nasdaq. Previously, the company added Bitcoin to its balance sheet. Now, it’s Ether’s turn. Overall, Mogo intends to put up to 5% of its cash reserves and portfolio value in cryptocurrencies.
The company went viral that it bought the second largest digital currency, Ethereum: 146 ETH with an average price of $ 2,780. At its current price of $ 3,142, the total amount of Ether purchased is almost half a million dollars: $ 457,834.
This comes from Mogo’s previous investment in the leading digital currency, Bitcoin. Specifically, Mogo holds 18 BTC, totaling $ 1,054,618 at the current exchange rate purchased at an average price of $ 33,083) and into Canada’s leading crypto asset company, Coinsquare.
Mogo has acquired a 20% ownership in Coinsquare and it has the option to increase its stake to 43%.
The CEO and founder of Mogo, Greg Feller, pointed out that the current investment in Ethereum compliments the previous purchase of Bitcoin and demonstrates the company’s long-term bet on blockchain and the public-based currency. This groundbreaking technology.
Greg Feller, President and CFO of Mogo, said:
“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.”
Not only is Mogo poised on crypto assets acquisition, the firm recently acquired a 19.99% stake in popular Canadian exchange Coinsquare, with an option to increase its stake to approximately 43%. Meanwhile, in March, Mogo launched the world’s first bitcoin mortgage cashback reward program. The initiative allows Mogo Visa Platinum Prepaid Card and digital spending accounts’ holders to obtain a mortgage and earn up to $3,100 cashback in the world’s largest cryptocurrency.
As AZCoin News reported, Ethereum posted two consecutive all-time highs today, at $ 3,199. ETH also reached a new historic peak on Saturday, May 1. Its co-founder and main head, Vitalik Buterin, is now officially the youngest cryptocurrency billionaire.
Meanwhile, investors continued to withdraw ETH from crypto exchanges, with ETH’s exchange balance having dropped 44% over the past 24 hours. ETH’s biggest rival, BNB, has followed ETH by hitting an all-time high and topping the ATH of $ 654 today. The coin’s market cap now stands at over $ 100 billion, the next largest asset by this metric after Ethereum.
You can see the ETH price here.
- Ethereum Price Broke The $ 3,056 Mark For The First Time
- Ethereum Price Hits An All-Time High Of $ 3,136, Co-Founder Vitalik Buterin Becomes A Billionaire