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 sophntracts, and expand the sophistication and breadth of our product offerings."