Nasdaq-listed Mogo Acquires 20% of Coinsquare
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The Vancouver-based Mogo has announced an investment in a Canadian cryptocurrency exchange Coinsquare. According to a press release, the firm will acquire 19.99% ownership of Coinsquare’s shares on a post-transaction basis for $56.4 million.

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Mogo could also acquire an additional 20% in Coinsquare under certain conditions. The largest cryptocurrency exchange in Canada is the trading platform for MogoCrypto, a crypto-focused arm of Mogo launched back in 2018. Mogo CEO, David Feller, says the firm strongly believes in the "growing importance of cryptocurrency" in the financial wallets of consumers.

"We have had a relationship with Coinsquare for nearly three years and built strong familiarity with their team and platform, which we view as the most robust trading platform in Canada for digital assets," Feller added.

In July 2020, Cole Diamond, former CEO of Coinsqaure, and ex-president Virgile Rostand resigned from their positions amid accusations of wash trading.

Canadian Coinsquare Announces Leadership Reorganization

According to the Ontario Securities Commission (OSC), the exchange inflated its trading volumes, a technique known as wash trading, in order to manipulate the market.

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