Mogo just keeps making more and more very good strategic moves. So incredibly undervalued right now.
Once the sentiment changes back in favour of growth stocks - I expect alot of investors / money to come piling back into Mogo.
Mogo is now trading under 2x revenue when comps are still currently trading at 12x revenue (Shopify still at 30x revenue).
Mogo Announces Expansion into Metaverse with Investment in NFT Trading Platform NFT Trader
VANCOUVER, British Columbia -- (Business Wire) --
Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO) (“Mogo” or the “Company”), a digital payments and financial technology company, today 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.
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.
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.
“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.”
The investment in NFT Trader adds to Mogo’s growing portfolio of digital assets and investments, which totaled approximately $150 million1 at the end of Q3 2021 (including Mogo’s book value of its investments in Coinsquare).