Canadian fintech company Mogo has invested $405,000 in Ethereum. The addition of 146 ETH with an average price of $2,780 per coin is part of Mogo’s crypto strategy.
According to the announcement, Mogo’s purchase is $405,000 in total. However, yesterday ETH hit a new ATH of above 3,500 per coin and Mogo has already made a little profit.
“Mogo’s Ethereum investment is consistent with management’s plans to increase the Company’s on balance sheet investment in the blockchain and fintech ecosystem,” said the company in a press release.
At the end of last year, Mogo announced its plans to invest up to $1.5M in Bitcoin. Till today Mogo has 18 BTC in its balance sheet bought at an average price of $33,083 per coin. With Bitcoin trading around $55K today its investment of $595,000 is worth more than $1M.
“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 Mogo president and CFO Greg Feller.
Mogo is a company that offers personal loans to its clients, identity fraud protection, mortgages, a Visa Prepaid Card, and other services. The company believes in the future of cryptocurrencies and plans to invest up to 5% of its cash in crypto.
Want to learn how passive income will take care of your future:
Registration link: https://tradinginsight.ai/?partner=cryptocurrencytimes
Basic support videos for Tradinginsight
Link for our Telegram channel, where you will find answers to your questions: https://t.me/Cryptocurrency_Times