Single Blog Title

This is a single blog caption

Coinsquare receives investment worth about $56.4m

Digital payments and financial technology company Mogo has invested  in Canadian cryptocurrency trading platform Coinsquare. 

The deal will see Mogo to acquire 19.99% ownership of Coinsquare’s outstanding common shares on a post-transaction basis for total consideration of approximately $56.4m.

The agreement also includes rights for Mogo to acquire an additional 20% ownership interest in Coinsquare through purchases of shares from current shareholders and the exercise of warrants under certain conditions for consideration based on a pre-money valuation of Coinsquare ranging from $250-350m.

“We believe strongly in the growing importance of cryptocurrency in the financial wallets of consumers, and deepening our relationship with Coinsquare will enable us to bring enhanced functionality and value into the MogoCrypto product,” said David Feller, CEO of Mogo.

“We’ve had a relationship with Coinsquare for nearly three years and built strong familiarity with their team and platform, which we view as the most robust trading platform in Canada for digital assets.”

Jason Theofilos, board member of Coinsquare, added, “We’re excited to deepen our relationship with Canada’s leading fintech company. By leveraging Mogo’s digital wallet capabilities and base of more than one million members, combined with our deep crypto trading capabilities, we see significant opportunities to accelerate the growth of both businesses.”

Copyright © 2021 FinTech Global