PALO ALTO, CALIFORNIA and CALGARY, ALBERTA--(Marketwired - June 29, 2015) - Risk Management & Payment Processing specialist Vogogo Inc. ("Vogogo") (TSX VENTURE:VGO) today announced the launch of its proprietary compliance, risk management and payment processing platform with prominent bitcoin exchange Kraken.
Vogogo and Kraken are working on several industry initiatives and the partnership is now active in Canada to make Kraken available to clients throughout the country. The Vogogo platform provides Kraken with sophisticated risk management, security, compliance and payment processing services to enable Kraken's clients to seamlessly exchange between Canadian dollars and bitcoin or other crypto-currencies.
Through the partnership with Vogogo, Kraken will be offering both Interac and EFT payments in Canadian dollars. Interac deposits will typically be credited within a few minutes after being sent so clients can start trading immediately with the funds.
Along with the new funding options, Kraken now supports trading between bitcoins and Canadian dollars (XBT/CAD). Canadian clients will benefit from Kraken's low trading fees, which can be as low as 0.10% for high volume traders and up to 0.35% for less active traders. Vogogo will charge Kraken on a per transaction basis.
Vogogo CEO Geoff Gordon said of the announcement, "The Kraken team is undoubtedly one of the most talented, sophisticated and capable crypto exchanges in the industry and together we share a commitment to solidifying the global crypto ecosystem. Their level of diligence in selecting partners speaks to the reputation Vogogo has gained within the industry. We're excited, but perhaps more importantly, we are focused on working with Kraken and playing our part in enabling and accelerating their growth. We will continue to provide secure, effective and compliant access to global banking and payment networks allowing Kraken to look forward and focus on being the very best at their business."
Kraken CEO Jesse Powell said, "We see a lot of opportunity for Kraken in Canada and we're counting on Vogogo's expertise in risk management and payment processing to make it possible for Canadians to move their dollars safely and efficiently to and from Kraken. We're looking forward to providing fast settlement and liquidity that will enable the Canadian market for bitcoin and bitcoin businesses to flourish."
About Vogogo Inc.
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.
Founded in 2011, San Francisco-based Kraken (www.kraken.com) is the largest Bitcoin exchange in euro volume and liquidity and also trading Canadian dollars, US dollars, British pounds and Japanese yen. Kraken is consistently rated the best and most secure Bitcoin exchange by independent news media. Kraken was the first Bitcoin exchange to have trading price and volume disseminated on Bloomberg terminals, the first to pass a cryptographically verifiable proof-of-reserves audit, and is a partner in the first cryptocurrency bank. Kraken is trusted by hundreds of thousands of traders, the Tokyo government's court-appointed trustee, and Germany's BaFin regulated Fidor Bank.
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.
There is no certainty that entering into partnership with Kraken will result in revenues for Vogogo.
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 Kraken, expansion plans of Vogogo, the timing of growth of Vogogo, the fees charged by Vogogo to clients of Kraken and the timing for credit of Interac deposits. 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. Readers should carefully review the risk factors described in Vogogo's annual information form dated April 30, 2015 for a description of certain risks in respect of the business of Vogogo. Vogogo does not have any obligation to update or revise any forward-looking statements except as expressly required by applicable securities laws.