Mogo is a Canadian-based mortgage loan enterprise boasting 1 million niche market Canadian users. The company is listed on NASDAQ since 2018. It is also known in the region for being a crypto payment solution provider after the recent integration with cryptocurrencies. The fintech giant of Canada is moving to raise another 5% of its capital reserves into the crypto market.
The company has already added Bitcoin holdings to its balance sheet and is making preparations to acquire some of the silver cryptocurrency, Ethereum. Yesterday, Ethereum hit new ATHs twice in a day and reached a new position of $3,140. During the recent rise of the silver crypto asset, the PoW blockchain is witnessing an increasing interest from institutional investors.
Mogo Moving Forward in the Cryptocurrencies Field
Thus far, three Bitcoin ETFs and Several Ethereum ETFs have been approved in Canada. It seems like crypto markets are getting a better appreciation in Canada than in the United States. Under these circumstances, the decision of Mogo to keep expanding into the crypto markets is in line with the zeitgeist. The company already owns about 18 Bitcoins valued above $1.05 million.
Mogo has also invested in acquiring the 20 percent ownership of CoinSquare. CoinSquare is considered the top-ranked asset management institution in Canada. Mogo also holds the option to increase its ownership stakes from 20% to 43%. Greg Feller, founder and CEO of Mogo, has told media that the enterprise has purchased about Ethereum at an average price of $2,780.
Institutional Cash Inflow Increases as Ethereum Keeps Registering New Heights
Ethereum growth has not stopped yet; today, the silver cryptocurrency has hit new heights of $3321.6 with a 5.55% appreciation in less than 24 hours. While the silver cryptocurrency is getting pulled from crypto exchanges by investors, the available supply of ETH has dropped by 44% since yesterday. Vitalik Buterin, the co-founder of the blockchain, has entered into the list of self-made billionaires preceding these recent gains.
Feller also added that the recent purchase of Ethereum is done to compliment the Bitcoin reserves of the company and part of the long-term plan for crypto transition. Ethereum is facing some rivalry from Binance Token BNB that has managed to register a new ATH of $654, taking the altcoin’s market cap to $100 billion. In comparison, the Ethereum market cap is valued at $350 billion presently.