CALGARY, ALBERTA and PALO ALTO, CALIFORNIA--(Marketwired - Dec. 9, 2014) - Payment Processing specialist Vogogo Inc. (TSX VENTURE:VGO) today announced signed contracts with Bitcoin exchanges QuadrigaCX and BitMEX.
Vancouver-based QuadrigaCX is the leading Canadian Bitcoin exchange, offering a highly sophisticated trading platform as well as an online/offline merchant program. The majority of ATMs in Canada trade on QuadrigaCX and it was the first Bitcoin exchange in North America to obtain a Money Services Business (MSB) license.
Hong Kong-based BitMEX is the only centrally cleared Bitcoin derivatives exchange. BitMEX offers commercial hedgers, Bitcoin miners, and professional investors and traders the ability to exchange Bitcoin risk.
It is expected that both exchanges will integrate with Vogogo's payment processing and risk management platform enabling each to offer users of their respective platforms seamless transactions between Bitcoin and fiat currencies in the US and Canada, with the EU expected in Q1, 2015.
Vogogo will continue to test and scale its payment processing and risk management platform through the remainder of Q4, 2014 and anticipates reaching commercial trading volumes in Q1, 2015.
Vogogo CEO Geoff Gordon said of the announcement, "Integrating cutting edge Crypto exchanges such as QuadrigaCX and BitMEX is another significant step in our established growth strategy. It is also another validation of the value new and innovative Crypto exchanges are placing in the Vogogo platform to help them access and transact seamlessly with traditional banking networks."
"I look forward to working with Vogogo and integrating their innovative payment solutions with the QuadrigaCX Bitcoin trading platform," said Gerald Cotten, Founder & CEO of QuadrigaCX. "With Vogogo's experience in processing payments for the cryptocurrency industry, I'm confident that their services will simplify and expedite the funding and withdrawal process for our clients."
BitMEX Co-founder and CEO, Arthur Hayes said, "Partnering with Vogogo will allow BitMEX to offer fiat margined contracts, and expand the sophistication and breadth of our product offerings."
Vogogo is a TSX Venture Exchange ("TSXV") publicly traded payment services company with integrated risk management and compliance. Founded in 2008, Vogogo designed, built and launched its web-based payment processing technology while growing its expertise in software development, payments, risk management, compliance and related financial services. Vogogo is now executing on its plan to serve global markets. The plan focuses on market opportunities where Vogogo believes it has a competitive advantage due to its positioning and technology.
For further company information please view the Vogogo Media Kit.
With offices in Vancouver, BC, QuadrigaCX is the leading Canadian Bitcoin exchange, often No. 1 by volume on BitcoinAverage.com. Quadriga offers the most sophisticated trading platform in Canada, an online/offline merchant program, and has placed numerous Bitcoin ATMs around Canada. The vast majority of ATMs in Canada trade on QuadrigaCX. QuadrigaCX was the first Bitcoin exchange in North America to obtain an MSB license. QuadrigaCX is also the only exchange in Canada to offer a gold/Bitcoin (XAU/XBT) order book.
BitMEX - Bitcoin Mercantile Exchange is where professional investors trade Bitcoin derivatives. BitMEX is the world's most advanced Bitcoin derivatives platform and the only centrally cleared Bitcoin derivatives exchange. BitMEX offers commercial hedgers, Bitcoin miners, and professional investors and traders the ability to exchange Bitcoin risk.
Harnessing the financial derivatives experience of its staff, BitMEX was formed in early 2014. BitMEX went live this November. BitMEX's mission is to professionalise the trading of Bitcoin derivatives. By offering a fast, safe, and liquid way to hedge Bitcoin vs. fiat currency risk, BitMEX hopes to spur Bitcoin adoption by consumers and merchants.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
None of the information contained on, or connected to, Vogogo's website is incorporated by reference herein.
Cautionary Note Regarding Forward-Looking Statements
Statements in this press release contain forward-looking information including, without limitation, timing for integration of the Vogogo platform with BitMEX and QuadrigaCX, expansion plans of Vogogo and anticipated dates for commercial trading volumes. The words "will", "anticipate", "believe", "estimate", "expect", "intent", "may", "project", "should", and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by Vogogo. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Vogogo. Vogogo does not have any obligation to update or revise any forward-looking statements except as expressly required by applicable securities laws.