Ethereum co-founder and blockchain pioneer Anthony Di Iorio has taken up the role of special advisor with Canadian fintech company Mogo Finance Technology (Mogo Finance Technology Stock Quote, Chart, News: TSX:MOGO).
Di Iorio is being brought on board to help the Vancouver-based company with the launch of its upcoming cryptocurrency account, which will allow customers to buy and sell bitcoin.
The CEO of multi-asset blockchain interface jaxx.io and former chief digital officer of the TSX, Di Iorio will be a big asset to the Mogo team going forward, says Mogo founder and CEO David Feller. “We are incredibly pleased to welcome Anthony to the Mogo team. He is an accomplished entrepreneur and business leader and widely regarded as a thought leader in blockchain and digital currencies,” says Feller in a press release. “Having one of the co-founders of Ethereum join Mogo is a major milestone for us as we look to leverage blockchain in our platform and business.”
Mogo currently offers a range of financial products such as personal loans, fraud protection, digital spending accounts and mortgages and is in the midst of launching its MogoCrypto platform, which will give Mogo users the chance to participate in the cryptocurrency craze by buying and selling bitcoin through their mobile accounts.
“For the average Canadian, buying bitcoin today can be complicated, intimidating and costly, but it shouldn’t be that difficult,” says Feller. “Our goal in launching MogoCrypto is to provide an opportunity for all Canadians, many of whom may be new to bitcoin and cryptocurrencies, to participate in this market in a way that is easy and transparent and through a brand they trust.”
Di Iorio says that getting into cryptocurrencies is a natural move for Mogo.
“Mogo has built a powerful platform that is empowering the next generation of Canadians to gain control of their financial health with innovative digital finance products,” says Di lorio. “Blockchain and cryptocurrencies are a natural extension for Mogo as it’s a truly disruptive technology that can remove expensive manual processes that are traditionally used by financial institutions and ultimately help consumers. The company’s large fintech team, quickly growing member base and increasingly recognized brand are a massive advantage in an industry where trust and scale matter.”
One of Canada’s top tech performers last year, Mogo recently announced closing on a $26.25-million financing deal co-led by Cormack Securities Inc. and Canaccord Genuity Corp. The deal came with a further offering for an additional group of shares that would push the financing to $30.19 million.
“The cryptocurrency space is very fast moving,” says Mackie Research Capital analyst Nikhil Thadani. “Therefore, it is important Mogo’s new Crypto features launch rapidly and scale (a major stumbling block with most existing on-ramps) in order for Mogo to gain market share (and potential valuation lift) in this market. We expect positive news on various initiatives in Q1.”
In November, Mogo brought on fintech executive and former head of PayPal Canada, Darrell MacMullin, as advisor to its product expansion efforts.
Disclosure: Mogo is a sponsor of Cantech Letter