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Mogo Expands Into the Metaverse with Investment in NFT Trading Platform -Breaking

by Mike Robinson

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© Reuters

Sam Boughedda

Investing.com — Mogo Inc, a digital payments company and financial tech company (NASDAQ:), announced Tuesday that it will expand into the metaverse via an investment in NFT Trader.

NFT Trader (Canadian company) is a peer-to–peer, over-the counter trading platform that trades non-fungible tokens. It has collaborated previously with several projects such as Cool Cats and Gutter Cat Gang.

Mogo shares have risen 4% since the announcement. 

David Feller (CEO of Mogo) stated, “The financial world is changing rapidly and nowhere is this more evident than with the emergence Web3, Metaverse and NFTs.”

NFT Trader was the initial investment of Mogo through a convertible loan. This note can be converted to a 25% share in NFT Trader. Mogo may acquire 25% more interest by secondary buying common shares six months following its initial investment. The Mogo board can also be appointed one director by the NFT Trader board.

Feller said, “We think that a next generation financial platform will not just bridge the gap between DeFi traditional finance and DeFi but will also merge the digital and physical worlds to become one of our biggest growth opportunities.”

In a note to investors, Mark Palmer, BTIG analyst, stated that Mogo had made the decision to invest in BTIG and that he expected the shares to respond favorably. Stock trades near the $2.86 mark and the analyst has given the stock a buy rating with a $13 price target.

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