Mogo soars 24% after saying it added blockchain capabilities
Mogo Finance Technology Inc. rose most in eight months after saying it added blockchain capabilities to its mobile banking platform.
Mogo rose 24 percent to C$4.89 at 10:19 a.m. trading in Toronto, its most intraday since Feb. 21. The move gives the company a market value of C$90 million ($70 million).
The Vancouver-based firm said it added dedicated blockchain capabilities to accelerate plans to integrate bitcoin and other cryptocurrencies into Mogo’s digital account, as well as future products and features based on the distributed ledger technology. Mogo also said it hired Wayne Chen as senior product manager to lead development of the blockchain initiatives.
“Developing new products and features based on blockchain technology and cryptocurrencies is a natural extension for Mogo as we continue to build a digital banking experience for the next generation of consumers," Chief Executive Officer David Feller said Monday in a statement.