Mogo, a Vancouver-based FinTech company that offers various financial services, has recently made a corporate purchase of Ethereum (ETH). This new investment is a follow-up to the initial purchase of Bitcoin (BTC) the firm has made back in December 2020.
The procurement of 146 ETH happened last May 3, with the buy price set at around $2,780 per unit. This and the acquisition of BTC last year are part of the company’s plans of increasing its balance sheet through FinTech and blockchain investments.
For a few years now, Mogo has shown significant interest in blockchain and crypto solutions. In fact, by the end of last month, its mortgage clients were offered Bitcoin rewards in exchange for getting a mortgage from them or refinancing an existing property.
Investing in cryptocurrencies
Mogo President and Chief Executive Officer (CEO) Greg Feller said their investments both in ETH and BTC reflect their “belief in the long-term potential of blockchain technology” as well as its position as a key component of the next generation financial platform, according to news.bitcoin.com.
The company has also planned to invest up to 5% of its cash and investment portfolio value in cryptocurrencies.
As for the 18 Bitcoin Mogo has purchased backed in 2020, the company has made considerable money from it since the average unit price was just more than $33,000.
Part of the treasury
The financial services company is one of the many that are represented on the website bitcointreasuries.org, although their added ETH is not reflected as the web portal only focuses on Bitcoin (BTC)-based treasuries.
One company that, like Mogo, belongs to the “treasury” and has Ethereum on its balance sheet is the China-based internet app maker Meitu.
From a lot of companies that built it, the web portal reflects more than 1.4 million Bitcoins worth $77 billion. It represents about 6.7% of the entire BTC supply.
Image courtesy of Cointelegraph News/YouTube