Company operates global peer-to-peer non-fungible token trading platform that generated over US$50M of trading volume in last 30 days
Mogo Inc., a digital payments and financial technology company, announced a strategic investment in NFT Trader, a Canadian company that operates a secure peer-to-peer OTC trading protocol for non-fungible tokens or NFTs.
“The world of finance is rapidly changing and nowhere is that more apparent than what we are seeing with the emergence of Web3, the Metaverse and NFTs”
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 is an established trading platform for NFTs, collaborating with many popular projects, including Bored Ape Yacht Club, Cool Cats, Gutter Cat Gang, and CyberKongz. NFT Trader centers around a decentralized Web3 ecosystem for securely trading digital assets and offers wide support for the interoperable swapping of many tokens.
Latest Fintech News: New Dawn for SMB Credit Lenders with Uplinq Launch
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.
Latest Fintech News: Assent Compliance Announces $350 Million USD Investment to Expand Global Footprint in Supply Chain Sustainability Management
“The world of finance is rapidly changing and nowhere is that more apparent than what we are seeing with the emergence of Web3, the Metaverse and NFTs,” said David Feller, CEO of Mogo. “Trading volume for NFTs in 2020 was estimated at less than $100M and that grew an estimated 230 times last year to over $23 billion USD. This is also clearly just the beginning as we’re just starting to see a whole new crop of play to earn video games where players are rewarded in native crypto currency and where their characters are NFTs that can be traded. Gaming will become a key way millions onboard into crypto, and the ability for consumers to easily trade NFTs alongside crypto will become increasingly important. We believe that a next-gen financial platform will not only bridge the gap between traditional finance and DeFi, but the merging of the digital and physical worlds will become one of the biggest growth opportunities ever.”
Latest Fintech News: DSS Retains Leading Blockchain and Digital Assets Law Firm to Accelerate Launch of Digital Asset Exchange
[To share your insights with us, please write to sghosh@martechseries.com]
