Mogo, a financial technology company, announced a minority investment in Gemini on the 23rd of November.
Gemini recently recorded a successful $400 million financing. According to the announcement, the $400 million funding was led by Morgan Creek Digital. Founded by the Winklevoss twins, Tyler and Cameron, Gemini is considered one of the top exchanges operating in the US market.
The minority investment in Gemini adds to the Mogo Inc (NASDAQ: MOGO) strategic investment portfolio, which focuses on expanding the ecosystem the company operates in. This expansion includes different cryptocurrencies, gaming, and the budding metaverse.
As of last quarter, the total digital assets and investments belonging to Mogo, before the latest minority investment, totaled nearly $150 million. This approximation includes Mogo’s book value of its investment in trading platform Coinsquare.
Minority Investment in the Mogo Portfolio
Prior to the Gemini minority investment, Mogo had several investments recorded in its portfolio. The investments include its 39% stake in Canada’s crypto platform Coinsquare. In addition, the financial technology company’s portfolio includes Enthusiast Gaming (NASDAQ: EGLX) and professional esport organization Eleven Gaming. Tidal Gaming is also one of the platforms that Mogo has its investments in. Furthermore, Mogo’s strategic investment portfolio includes investment in the first qualified custodian for crypto assets in Canada, Tetra Trust. Separately the portfolio includes some Bitcoin (BTC) and Ethereum (ETH).
Speaking, Greg Feller, president, and the chief financial officer of Mogo, said:
‘Over the past year or more, we have been migrating our investment portfolio from legacy investments into businesses within our broader ecosystem that have significant stand-alone growth potential and, equally important, bring strategic value to Mogo and deepen our expertise in areas that we believe are increasingly relevant for a next-gen fintech platform and digital wallet”
Mogo is currently trading at $5.05 with a trading volume of $2.2 million. In the last five days, Mogo’s stock performance has dropped 12.54%.
More on Mogo
The recognized fintech and digital asset company is all about taking cognizance of our financial health. They have nearly 1.8 million members.
Earlier this year, Mogo launched a climate-positive Bitcoin. This Bitcoin aims to plant carbon-sucking trees that offset the impact of CO2 emissions from Bitcoin mining. This, the company considers its little contribution to the Environmental, Social Governance (ESG) space.
Also, it is made achievable by the action of planting one tree for every time spent with Mogo. Remarkably, the company is the first to launch such an initiative.
Mogo also has a digital spending account that is designed to help you spend less and save more. This digital spending has a Visa Platinum Prepaid Card, the only card of its kind in Canada. Users earn bits of bitcoin when you trade with this card.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
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