Business Wire reported that Mogo (a financial technologies startup working with digital payments), whose shares are traded on Nasdaq, has allocated some of its cash reserves to purchase Ethereum.
Previously, the company added Bitcoin to its balance sheet. But now it’s time for Ethereum (ETH). Overall, Mogo plans to put five percent of its cash reserve and investment portfolio value into cryptocurrencies.
Mogo buys 146 Ethereum
The company announced that the acquisition of Ethereum, the second largest digital currency, was realized with 146 ETH at an average of $ 2,780. The amount of Ethereum purchased for the current $ 3,142 is close to half a million dollars.
This acquisition comes after Mogo’s investment in Bitcoin, the leading cryptocurrency. Mogo bought 18 BTC at an average price of $ 33,083. At the current exchange rate, this amount corresponds to $ 1,054,618. In addition, Mogo came to the fore with its investment in Coinsquare, one of Canada’s top crypto asset companies.
Greg Feller, CEO and founder of Mogo, stated that the current investment in Ethereum complemented the previous Bitcoin acquisition, proving the company’s long-term claim on blockchain and currencies based on this disruptive technology.
ETH broke the all-time record
Meanwhile, while investors continue to withdraw ETH from crypto exchanges, the ETH balance in the exchanges has dropped by 44 percent in the last 24 hours.
ETH’s biggest competitor, BNB, follows ETH, reaching an all-time high – today surpassing $ 660.
The market cap of the coin is currently more than $ 100 billion.