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Mogo Expands into Metaverse with Investment in NFT Trading Platform

January 12, 2022 by Fintech Newsdesk Leave a Comment

Vancouver fintech Mogo has made a strategic investment in NFT Trader, a company that operates a secure peer-to-peer OTC trading protocol for non-fungible tokens or NFTs.

NFT Trader is an established trading platform for NFTs, collaborating with many popular projects, including Bored Ape Yacht Club, Cool Cats, Gutter Cat Gang, and CyberKongz.

The investment in NFT Trader adds to Mogo’s growing portfolio of digital assets and investments which include Coinsquare and total approximately $150 million.

NFTs, which are unique, digital items that users buy and sell online, use blockchain technology to keep a digital record of ownership, similar to cryptocurrencies. NFT Trader centers around a decentralized Web3 ecosystem for securely trading digital assets and offers wide support for the interoperable swapping of many tokens.

Mogo’s initial investment is through a convertible note which, if converted, will represent a 25% interest in NFT Trader. Mogo also has an option to acquire an additional 25% interest in NFT Trader 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.

Filed Under: News Tagged With: Mogo

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