The stock of Mogo Inc. (MOGO) gained in the current market after the company announced its partnership with NFT Trader in a press release. The stock of MOGO was valued at $2.82 gaining more than 2.3% from the previously closed value. AT the end of the last trading session the stock closed at $2.75. The volume of the stock traded in the last trading session was approximately 1.21 million shares.
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Reason of the MOGO stock gain
The digital payment and financial technology company Mogo Inc. (MOGO) has announced in a press release today about its investment in NFT Trader. NFT Trader is a Canadian-based company that runs a safe peer-to-peer OTC trading protocol for NFTs.
Initial investment of Mogo Inc. (MOGO) has been done through a convertible note and represents a 25% interest in NFT Trader. During the next six months of the initial investment, Mogo has a choice to obtain an additional 25% interest in NFT Trader by doing another investment in common shares. According to the deal, Mogo is allowed to designate one director to NFT Trader’s BoDs. Also, they have been given the right of any offerings of securities in the future by NFT Trader. Furthermore, they will have the right of first refusal over any transfers of securities by NFT Trader’s founders.
Also, the seeing the continued growth of the company, over time Mogo hopes to operate with NFT Trader in guiding the Canadian regulatory geography. Mogo Inc.’s (MOGO) investment in NFT Trader complements its growing portfolio of digital assets and investments. As of now Mogo Inc.’s (MOGO) digital assets and investment totaled approximately $150 million at the end of quarter 3 2021.
Effect on the stock
The news of the partnership was responded to positively by the investors and was investing in its stock. Due to which its stock price increased. The NFT market is booming and if the company managed to achieve its goal by strengthening its position in the market, it will have a tremendous effect on the stock.
Conclusion
The new partnership of the company will bring more revenue for the company as well as strengthen its position in the rising market of the NFTs. The Metaverse will also complement the boom and if the company did grind as per the plan it will have long term effect on its valuation.
