- Mogo enters Metaverse with a 25% investment in NFT Trader
- CEO describes the changing financial landscape as “one of the biggest growth opportunities ever”
Mogo Inc (NASDAQ: MOGO), a leading provider of digital payments and financial technology, today announced a strategic investment in the Canadian NFT trading platform, NFT Trader. The site works as a secure, blockchain-based OTC trading service for NTF’s, or non-fungible tokens. The conversation surrounding NFT’s and the move into the metaverse has gathered some serious steam lately; so it’s no shock that big fintech are turning their heads too.
NFT’s are unique digital items that are tradeable peer-to-peer – utilizing blockchain technology to create a record of ownership. The well-renowned NFT platform, NFT Trader is centered around a decentralized Web3 ecosystem that boasts an incredibly secure framework for digital trading.
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Mogo’s convertible note investment will represent a 25% interest in NFT Trader, with the option to acquire a further 25% interest through secondary purchase of common stock; as long as the purchase is made in the first 6 months from the initial investment. Mogo will also provide a director for the NFT Trader board of directors. This investment is the latest addition to Mogo’s growing portfolio of digital assets – which, previous to this investment, totaled around $150M at the end of Q321.
David Feller, CEO of Mogo expresses his excitement regarding the morphing financial landscape:
“The world of finance is rapidly changing and nowhere is that more apparent than what we are seeing with the emergence of Web3, the Metaverse, and NFTs…Trading volume for NFTs in 2020 was estimated at less than $100M and that grew an estimated 230 times last year to over $23 billion USD.”
Adding with confidence…
“We believe that a next-gen financial platform will not only bridge the gap between traditional finance and DeFi, but the merging of the digital and physical worlds will become one of the biggest growth opportunities ever.”
MOGO stock is currently trading with a daily gain of 1.82%, at a price of $2.80.