Company News

MogoCrypto to launch in first quarter

By James Langton |

 

Vancouver-based Mogo Finance Technology Inc. announced Wednesday that it plans to launch bitcoin trading for retail clients in the first quarter of 2018.

Mogo customers will be able to trade the cryptocurrency within their existing accounts, making real-time buys and sells based on prices quoted by BitcoinAverage Ltd.

"Our goal in launching MogoCrypto is to provide an opportunity for all Canadians, many of whom may be new to bitcoin and cryptocurrencies, to participate in this market in a way that is easy and transparent and through a brand they trust," says David Feller, founder and CEO of Mogo, in a statement.

Late last month, Mogo closed a $26.25 million bought deal with an underwriting syndicate led by Cormark Securities Inc. and Canaccord Genuity Corp., which also included BMO Nesbitt Burns Inc., Eight Capital and Mackie Research Capital Corp. Assuming the underwriters' option is fully exercised, the transaction could raise up to $30.2 million for the firm, which will be used to fund existing operations, working capital, and for other corporate purposes.

"This financing will enable us to accelerate our growth strategy and continue to execute on our plan to deliver the leading digital financial services experience for the next generation of Canadians," says Feller.

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