Vancouver, Canada–(COMMERCIAL WIRE)–Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO) (“Mogo” or the “Company”) today announced that Coinsquare, Canada’s oldest operating crypto asset trading platform and a company in the that Mogo is an approximately 34% shareholder. , received approval from the Investment Industry Regulatory Organization of Canada (“IIROC”) for its investment trader registration and IIROC membership through its wholly-owned subsidiary Coinsquare Capital Markets Ltd. investment dealer and market member in all provinces and territories of Canada.
Since Coinsquare is regulated by IIROC, customers will now have the added comfort and security of knowing that Coinsquare is subject to the highest level of merchant compliance and oversight under the existing regulatory system. Additional information about this development can be found in Coinsquare’s press release.
“We congratulate the Coinsquare team for achieving this important and value-creating milestone. We believe this registration helps them further differentiate themselves from the competition and, when combined with the recently announced acquisition of CoinSmart, should position Coinsquare well for future growth and long-term success,” said Greg Feller, President and CEO. Mogo’s financier.
Changes in MogoCrypto
Mogo also announced that it will shut down its current bitcoin product (“MogoCrypto”). According to the roadmap and plans for MogoTrade, the company hopes to reintroduce and expand a cryptocurrency trading option within the MogoTrade app. MogoCrypto’s revenue is irrelevant to the company’s financial results and Mogo’s main exposure to crypto remains its 34% stake in Coinsquare.
“Mogo was a pioneer in crypto in Canada, creating an easy way for Canadians to own Bitcoin. We are proud of our history in this space and remain committed to providing our members with options to access this asset class,” said David Feller, CEO of Mogo. “While the current and evolving regulatory environment means that it is no longer feasible for us to offer the MogoCrypto product in its current form, we will continue to work with our regulators to incorporate a crypto trading offering within MogoTrade in the future. Once available, we hope that this new solution will provide Mogo users with much more investment options and functionality.”
MogoCrypto users will receive more information about the options available to them as the Company implements these changes.
This press release may contain “forward-looking statements” within the meaning of applicable securities legislation, including statements about the Company’s expectations to reintroduce and expand cryptocurrency trading options within the MogoTrade app and related regulatory approvals. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management at the time of preparation, are inherently subject to significant business, economic and competitive uncertainties and contingencies, and may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual financial results, performance or achievements to be materially different from any estimated future results, performance or achievements expressed or implied by those statements. forward-looking statements and forward-looking statements. Forward-looking statements are not guarantees of future performance. Mogo’s growth, its ability to expand into new products and markets, and its expectations of future financial performance are subject to a number of conditions, many of which are beyond Mogo’s control, including the receipt of any required regulatory approvals. For a description of the risks associated with Mogo’s business, please see the “Risk Factors” section of Mogo’s current annual information form, which is available at sedar.com Y www.sec.gov. Except as required by law, Mogo disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, events or otherwise.
Mogo Inc., one of Canada’s leading fintech companies, is empowering its more than 2 million members with simple digital solutions to help them take control of their financial health while making a positive impact with their money. Through the free Mogo app, consumers can access a digital spending account with the Mogo Visa* Platinum Prepaid Card that offers automatic carbon offsetting, free monthly credit score checks and identity fraud protection and access personal loans and mortgages. Mogo’s new MogoTrade app offers commission-free stock trading that helps users make a positive impact with every investment and, together with Moka, Mogo’s wholly owned subsidiary that provides fully managed, automated flat-fee trading to traders. Canadians, forms the heart of Mogo’s digital wealth. platform. Mogo’s wholly owned subsidiary, Carta Worldwide, also provides a digital payments platform that powers the next generation card programs of innovative fintech companies in Europe, North America and APAC. For more information, visit mogo.ca or download the mobile app (iOS or Android).
Founded in 2014, Coinsquare, a private company incorporated under the laws of Canada, provides customers with a proprietary platform designed to provide a robust, secure and intelligent interface for trading Bitcoin, Ethereum, Litecoin and other digital assets. Coinsquare has grown to become Canada’s oldest operating digital asset company, operating on behalf of over half a million Canadians. For additional information, visit www.coinsquare.com.