Vancouver, British Columbia – (BUSINESS WIRE) – January 11, 2022 –
Mogo Inc. announced. (NASDAQ:MOGO) (TSX:MOGO) (“Mogo” or “the Company”), a digital payments and financial technology company, today announced a strategic investment in NFT Trader, a Canadian company that operates a secure peer-to-peer OTC trading protocol for non-crypto tokens. replaceable or NFTs.
NFTs, which are unique digital items that users buy and sell online, use blockchain technology to maintain a digital record of ownership, similar to cryptocurrencies. NFT Trader is a well-established trading platform for NFTs, and cooperates with many famous projects, including Bored Ape Yacht Club, Cool Cats, Gutter Cat Gang and CyberKongz. NFT Trader is built around the decentralized Web3 ecosystem for the secure trading of digital assets and offers extensive support for the interoperable exchange of multiple tokens.
Mojo’s initial investment is made through convertible bonds which, if converted, will represent an interest of 25% in NFT Trader. Mogo also has the option to acquire an additional 25% stake in NFT Trader through a secondary purchase of common stock from the founders within six months of the initial investment. Mogo has the right to appoint one director to the NFT Trader Board of Directors and has been granted a pro rata right to any future offers of securities by the NFT Trader, along with the right of first refusal to any transfers of securities by the founders of NFT Trader.
In addition to supporting the company’s continued growth, over time Mogo expects to work with NFT Trader in navigating the Canadian regulatory landscape to explore a strategic partnership to bring NFT Trader to Mogo members in Canada.
“The world of finance is changing rapidly and nowhere is this more evident than what we are seeing with the advent of Web3, Metaverse, and NFTs,” said David Feller, CEO of Mogo. “The turnover of NFTs in 2020 was estimated to be less than $100 million and that grew by about 230 times last year to over $23 billion. It’s also clear that this is just the beginning because we’re just starting to see a whole new crop of gaming to earn in video games. Where players are rewarded with native cryptocurrency and where their characters are NFTs that can be traded.Gaming will become a major medium used by millions in crypto, and consumers’ ability to easily trade NFTs alongside cryptocurrencies will become increasingly important.We believe that a next-generation financial platform will not only work We aim to bridge the gap between traditional finance and DeFi, but integrating the digital and physical worlds will become one of the biggest growth opportunities ever.”
The investment in NFT Trader adds to Mogo’s growing portfolio of digital assets and investments, which totaled approximately $150 million at the end of the third quarter of 2021 (including Mogo’s book value of its Coinsquare investments).
1 Includes the estimated fair value of warrants for up to an additional 10% of issued and outstanding Coinsquare shares.
This press release may contain “forward-looking statements” within the meaning of applicable securities legislation, including statements that include statements regarding growth opportunities related to the emergence of Web3, Metaverse and NFTs. Forward-looking statements are necessarily based on a number of estimates and assumptions which, although considered reasonable by management at the time of preparation, are inherently subject to significant economic and competitive uncertainties and contingencies and may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual financial results, performance or achievements to differ materially from the estimated future results, performance or achievements expressed or implied by such forward-looking statements—statements are not guarantees of performance in the future. Mogo’s growth and ability to expand into new products and markets and its expectations regarding its future financial performance are subject to a number of conditions, many of which are outside of Mogo’s control, including obtaining any required regulatory approval. For a description of the risks associated with Mogo’s business, please refer to the “Risk Factors” section of Mogo’s current annual information form, available at www.sedar.com and www.sec.gov. Except as required by law, Mogo disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information or events or otherwise.
Mogo empowers nearly 1.8 million members with simple digital solutions to improve their finances. With the free Mogo app, consumers can access a digital spending account with the Mogo Visa* Platinum Prepaid Card, the only card of its kind in Canada. MogoCard makes it easy to enjoy spending control while doing a good deed for the planet by planting a tree for every purchase. The Mogo app also enables you to easily buy and sell bitcoin, get free monthly credit monitoring and identity fraud protection, and access personal loans. Mogo’s wholly owned subsidiary Carta Worldwide also offers a digital payments platform that powers next-generation card programs from innovative fintech companies in Europe, North America and Asia Pacific, while Mogo’s wholly owned subsidiary Moka offers fully automated and managed apartments – investment fees to Canadians. From coast to coast. To learn more, please visit mogo.ca or download the mobile app (iOS or Android).
View source copy on businesswire.com: https://www.businesswire.com/news/home/20220111005748/en/
Contact: Craig Armitage
(416) 347-8954 US Investor Relations Contact
Lytham Partners, LLC
New York | Phoenix
Keyword: New York, United States, North America, Canada
Industry keyword: other professional services financial banking professional technical services mobile phone / wireless other technology security
Source: Mogo Inc.
Copyright Business Wire 2022.
Published: 01/11/2022 08:13 AM / Disc: 01/11/2022 08:13 AM
Copyright Business Wire 2022.