Mogo doubles down on crypto by acquiring stake in NFT Trader

Rick Steves

“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”

Mogo Inc. has acquired a stake in NFT Trader, a Canadian company that operates a secure peer-to-peer OTC trading protocol for non-fungible tokens or NFTs, as part of its deep dive into the blockchain space.

NFT Trader has made a name for itself in the NFT segment by collaborating with many popular projects, including Bored Ape Yacht Club, Cool Cats, Gutter Cat Gang, and CyberKongz.

NFTs rose to prominence in 2021 with the establishment of several trading platforms across the globe looking to make the technology mainstream, thus allowing creators to keep a digital record of ownership, which can be passed on to buyers.

Mogo acquires 25% + option of 25% more

Mogo’s initial investment is through a convertible note which, if converted, will represent a 25% interest in NFT Trader. The company has an option to acquire an additional 25% interest through a secondary purchase of common shares from the founders within six months of the initial investment.

Mogo is entitled to appoint one director to NFT Trader’s board of directors and has been granted a pro-rata right for any future offerings of securities by NFT Trader, along with a right of first refusal over any transfers of securities by NFT Trader’s founders.

In addition to supporting the company’s continued growth, over time Mogo expects to work with NFT Trader in navigating the Canadian regulatory landscape exploring a strategic partnership to bring NFT Trader to Mogo’s members in Canada.

Mogo’s growing portfolio of digital assets and investments totaled approximately $150 million1 at the end of Q3 2021 (including Mogo’s book value of its investments in Coinsquare).

David Feller, Chief Executive Officer of Mogo, said: “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. This is also clearly just the beginning as we’re just starting to see a whole new crop of play to earn video games where players are rewarded in native crypto currency and where their characters are NFTs that can be traded.

“Gaming will become a key way millions onboard into crypto, and the ability for consumers to easily trade NFTs alongside crypto will become increasingly important. 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.”

FinanceFeeds webinar: Expert panel to discuss market data for multi-asset brokerages  

Mogo goes commission-free

Mogo has recently launched its commission-free trading app, MogoTrade, which will be introduced to customers in a phased rollout.

The stock trading app is meant to set a new bar for commission-free trading in Canada. Available on the App Store and on Google Play, MogoTrade provides free real-time streaming quotes, but access to the commission-free trading feature will be gradual from Q1 2022 onwards.

Select Mogo members will be able to trade immediately and others will be added to the waitlist for access to the commission-free trading feature. Canadian residents should download the MogoTrade app on iOS or Android to get on the list to receive an invite.

MogoTrade is the new stock trading app charging no commissions and targets Mogo’s nearly 1.8 million members by default, although all Canadian residents are welcomed to join.

 

Read this next

Retail FX

US Retail FX brokers suffer steep fall in client deposits, Trading.com racked up $46K

Retail FX deposits at US brokerages, which have been struggling to eke out a profit in a strict regulatory environment, dropped in March 2022 by $35 million, CFTC data showed.

Retail FX

eToro supports Immutable X (IMX), Livepeer (LPT) and Cartesi (CTSI)

Israeli social trading network eToro has added support for trading three new tokens. Immutable X (IMX), Livepeer (LPT) and Cartesi (CTSI) are the next coins to join eToro’s list of featured digital assets.

Executive Moves

LiquidityBook hires Fintech veteran Jonathan Cross to lead EMEA business

LiquidityBook, a provider of FIX and OMS trading solutions for both the buy and sell-side, has added Jonathan Cross to its business team for the EMEA region.

Retail FX

Interactive Brokers’ traders now have direct access to TradingView

Professional charting and trading platform, TradingView has integrated the US-listed brokerage firm Interactive Brokers as the latest online trading partner.

Digital Assets

This Web3 infrastructure provider is on the verge of a radical upgrade

The crypto industry fueled the anticipation of the arrival of web3 with the introduction of Decentralized Finance, Metaverse, and more. And today, that web3 is finding support from various developers looking to build and develop the space to extract the most benefits out of it.

Digital Assets

Crypto bots: trading assistant 

The cryptocurrency market is a volatile one, with huge gains and dramatic dips. However, the most informed traders can use automated tools to maximize profits while minimizing risks. 

Retail FX

Cryptos Seed Review – What Makes This Broker Stand Out (2022)

Read our Cryptos Seed review today to learn all you need to know about Cryptos Seed before signing up with the broker(cryptos-seed.com) – by Finance Feeds.

Institutional FX

Citadel goes live with FX NDFs trades on LCH ForexClear

“This builds on the strong growth at the service, which has historically been driven by a focus on margin efficiencies that will only increase with Phase 6 of the uncleared margin rules in September 2022.”

Digital Assets

Crypto platform Bitfrost registers as VASP in Gibraltar ahead of DLT License

“We’re now looking at the next steps necessary to obtain authorisation to operate as a fully regulated DLT or Virtual Asset Service Provider.”

<