Mogo, a famous financial services firm, revealed the corporate purchase of the world’s second most popular crypto asset Ethereum as it soars to its all-time high. This is not the first investment by the Vancouver-based company as previously in 2020, and the firm invested in Bitcoin.
For the past few years, Mogo has shown interest in the new blockchain technology and crypto-assets. Two months ago, the company offered BTC rewards to its mortgage clients, albeit they refinanced an existing property or received the mortgage through Mogo.
The firm announced in a statement that it had bought as many as 146 Ethereum in a bid to increase its balance sheet with blockchain and fintech investments. The announcement comes after the company sold its $4.7 million investment in Vena Solutions and recorded a profit of116 percent.
Tuesday’s statement stated that Mogo plans to invest as much as five percent of its investment and cash portfolio into digital assets. Greg Feller, the company’s CEO, said,
This initial investment in Ether complements our earlier investments in Bitcoin and reflects our belief in the long-term potential of blockchain technology and its position as a core component of a next-generation financial technology platform.
This comes as a number of major traditional financial firms are jumping the crypto bandwagon following an extraordinary first quarter for the digital assets, which saw a whopping growth since the beginning of this year.