Benzinga | Jul 8, 2021 09:03AM EDT

Mogo Announces Minority Investment In Canada's First Regulated Custodian For Cryptocurrency Assets

Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO) ("Mogo" or the "Company"), a digital payments and financial technology company, today announced a new minority investment in Tetra Trust Company ("Tetra Trust"), which launched today as Canada's first qualified custodian for cryptocurrency assets.

Tetra Trust's core business is the custody and storage of cryptocurrency assets including bitcoin, ether and a variety of other digital assets. Prior to Tetra's launch, the Canadian market for cryptocurrency custody was limited to U.S. providers and unregulated Canadian custodians. For additional information on Tetra Trust, please refer to the company's recent press release.

In addition to Mogo, Tetra Trust is backed by several industry participants including Coinsquare, Canada's premier crypto exchange digital asset trading platform, Coinbase Ventures, an investment arm of Coinbase (NASDAQ:COIN), the largest publicly traded crypto exchange in the world and the Canadian Securities Exchange (CSE). As previously disclosed, Mogo has acquired an approximate 39% ownership position in Coinsquare. Coinsquare owns approximately 47% and Mogo has acquired approximately 4% of the outstanding common shares of Tetra Trust.

"This launch represents another important development for Coinsquare as they continue to build their leadership position in the Canadian market and develop the cryptocurrency ecosystem," said Greg Feller, Mogo's President. "As Canada's first regulated custody provider, Tetra Trust serves a vital role in the trading of digital assets."