- Mogo has included 146 Ethereum coins in its crypto portfolio after acquiring 18 Bitcoins
- The latest purchase of ETH is made at an average price of $2,780
- The fintech firm has plans to allocate up to 5% of its cash and investment portfolio to the crypto portfolio
- Following the trend of Ethereum, experts deemed that the coin will continue its bullish rally
Mogo, a fintech digital payments firm listed on Nasdaq, has been observed increasing its crypto portfolio. Recently the firm has acquired 146 Ethereum (ETH) worth $4,05,880 to boost its crypto portfolio. The firm purchased the ETH coins at an average price of $2,780 as part of its plan to allocate up to 5% cash to cryptocurrencies. Hence, Mogo has plans to invest 5% of the value of its cash and investments portfolio in the blockchain and fintech ecosystem.
Mogo shifts from traditional to digital assets
Mogo seems to be shifting from a traditional portfolio to a digital portfolio. Currently, it is investing 5% of its total cash and traditional investment’s value. Notably, last month only the firm announced the sale of its investment in Vena Solutions. From the sale of his investments, the firm received C$4.7 million ($3.8 million).
In the current scenario, the firm had invested in Ethereum and added $4,05,880 worth of coins to its digital portfolio. Prior to Ethereum, the firm also revealed that it bought 18 Bitcoin (BTC) to date at an average price of more than $33k.
In terms of investments in blockchain and cryptocurrency, Mogo has acquired stakes in blockchain firms. Last month only, the firm acquired 19.99% stakes in Coinsquare that offers a proprietary trading platform to traders. Moreover, the fintech firm also holds an option to increase its holdings up to 43%.
Ethereum performed well over the weekend
Ethereum has been observed performing bullish in recent days. This weekend the world’s second most popular crypto asset has been observed crossing the level of $3k in a bullish wave. According to the data from CoinMarketCap, at press time, the coin was trading at more than $3,300.
The current momentum of Ethereum shows a strong rally and a whole uptrend. According to few experts in the cryptosphere, the price of Ethereum is soaring because of institutional adoption. Currently, Mogo has added the coins to its digital portfolio. In March, Meitu, a technology firm that is also known as China’s MicroStrategy, dived in the asset class. The firm purchased 15,000 units of Ethereum with 379.1 units of Bitcoins for $1.79 million. Meitu has made one of the most significant purchases of ETH with the purchase.