The Vancouver-based fintech has acquired another two per cent of the Canadian crypto-trading platform, bringing its total stake to 39 per cent. As part of the deal, Mogo will also have the option to buy an additional 3.4 per cent of the company, which would give it roughly 53 per cent ownership, if Mogo also exercises warrants that it holds. (The Logic)
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The Vancouver-based fintech has acquired another two per cent of the Canadian crypto-trading platform, bringing its total stake to 39 per cent. As part of the deal, Mogo will also have the option to buy an additional 3.4 per cent of the company, which would give it roughly 53 per cent ownership, if Mogo also exercises warrants that it holds. (The Logic)
Talking point: Mogo has been steadily piecing together ownership of the company this year, acquiring stakes from Riot Blockchain and investor Michael Diamond. And it’s increasing its exposure just as cryptocurrency trading has risen in popularity—a boon for Coinsquare’s business. Mogo said Coinsquare generated $8 million in revenue in April, a monthly record, and is expected to surpass that amount in May. Mogo also bought about US$1 million in Bitcoin and Ether in the first quarter, though those assets have fallen significantly in value since their peak earlier this spring.
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