A fintech company that works with digital payments, Mogo, has invested part of its cash reserves in the second-largest cryptocurrency Ethereum, after making an investment in Coinsquare and digital gold of the market.
Reportedly, the stocks of public digital payments company Mogo are traded on the Nasdaq. Mogo has apportioned a part of its cash reserves to buy ‘digital oil’ of the market.
Undeniably the adoption of ETH is compelling the Vancouver-based company for the latest investment. Mogo, which is now interested in buying Ethereum, had previously added Bitcoin to its balance sheet. Also, the company’s plans include an investment of five percent of its total investment portfolio and cash reserves in cryptocurrencies.
The CEO and founder of Mogo, Greg Feller, specified:
The announcement by Mogo clarifies the purchase of 146 Ethereum on an average price of $2,780. The total purchase of Ethereum is close to half a million USD. 146 ETH purchase calculates up to $475,834. The second-biggest digital currency, ETH is currently priced at $3,142.
Talking about the preceding investment by Mogo, then the purchase of 146 ETH is added to the flagship digital currency, Bitcoin. Holding 18 BTC worth of $1,054,618 at exchanges were bought on an average value of $33,083. Ownership of 20 percent interest in Coinsquare was bought by the firm, along with the alternative to increase 43 percent in the stake.
As per the data from price and market data platform CoinMarketCap, Ethereum posted two consecutive all-time highs on Monday the token reached its historic peak of $3,140. This officially turned the co-founder Vitalik Buterin into the youngest self-made billionaire.