Canadian fintech company Mogo, whose shares are listed on the Toronto Stock Exchange and NASDAQ, bought around 146 ETH at an average price of $2780 as part of a plan to allocate up to 5% of its reserves to cryptocurrencies.
The company described this as part of Mogo’s broader strategy for the digital-asset market.
According to the press release, the firm previously acquired 18 BTC at an average price of $33,083. In April 2021, Mogo also acquired 19.99% of the shares of Canada’s leading cryptocurrency exchange Coinsquare.
“These initial investments in Ethereum complement the previous investments in Bitcoin and reflect our belief in the long-term potential of blockchain technology and its role as a core component of the next-generation fintech platform,” said Greg Feller, President and Chief Financial Officer of Mogo.
In December 2020, Mogo said invests in Bitcoin up to $1.5 million. According to Feller, such investments will help improve the company’s financial products.
In March 2021, Mogo announced the launch of an incentive program with Bitcoin cashback for new mortgages or refinancing an existing one.