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Coinsquare Announces Closing of Strategic Investment by Mogo

Nachrichtenquelle: Business Wire (engl.)
16.04.2021, 14:15  |  142   |   |   

Coinsquare Ltd (“Coinsquare”), Canada’s leading digital asset trading platform, is pleased to announce the closing of the previously announced strategic investment in Coinsquare by Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO), a digital payments and financial technology company.

Pursuant to the strategic investment agreement (the “Investment”) between Coinsquare, Mogo and certain shareholders of Coinsquare (the “Vendors”), Mogo has acquired a 19.99% ownership interest in Coinsquare for aggregate consideration consisting of a cash payment of $27.4 million and the issuance of 2,807,577 common shares of Mogo to Coinsquare and the Vendors. The Investment also includes rights for Mogo to increase its ownership to up to 43% at a fixed price, through purchases of shares from current shareholders and the exercise of warrants under certain conditions. Mogo’s strategic investment builds on a multi-year relationship between the two companies. Coinsquare acts as the trading platform for MogoCrypto, a service Mogo launched in 2018 to allow its members an easy and convenient way to buy and sell bitcoin.

Commenting on the closing, Stacey Hoisak, CEO of Coinsquare said: “Mogo’s investment in Coinsquare will drive platform developments that will enable us to better serve our current clients and widen access to digital asset investment opportunities for many more Canadians. We look forward to continuing to provide Mogo’s expansive client base with a trusted, secure and compliant platform to manage their digital asset portfolios.”

“With the global crypto market cap now at over $2 trillion, doubling in just a few months, it’s clear that crypto is not only the fastest-growing asset class but an increasingly important one that investors want access to. Coinsquare has built a premier crypto platform and a leading market position in Canada,” said David Feller, CEO of Mogo. “By deepening our relationship with Coinsquare and leveraging their crypto capabilities alongside Mogo’s broader digital wallet capabilities including our recently announced transaction with Moka, we believe Mogo is extremely well positioned to provide Canadians with a leading next-gen wealth offering.”

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Coinsquare Announces Closing of Strategic Investment by Mogo Coinsquare Ltd (“Coinsquare”), Canada’s leading digital asset trading platform, is pleased to announce the closing of the previously announced strategic investment in Coinsquare by Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO), a digital payments and financial …

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