Bitcoin exchange Coinbase announced that it has been able to complete its integration with risk management and payment services specialist company Vogogo. Vogogo is a TSX Venture Exchange publicly traded payment services company with integrated risk management and compliance while Coinbase is one of the leading bitcoin exchange companies in the world.
Vogogo expects to derive revenue from the integration in line with its established business model. The company was founded in 2008 with web-based payment processing technology. It continued to grow its expertise in software development, payments, risk management, compliance and related financial services.
Bitcoin Exchange and Payments
While most of the cryptocurrency enthusiasts have been focusing on blockchain technology applications these days, the bitcoin payments industry continues to grow. This integration between Vogogo and bitcoin exchange Coinbase is in line with the payment services company’s focus on pursuing market opportunities that could offer competitive advantage in terms of positioning and technology.
In addition, the integration could allow Coinbase to expand its bitcoin exchange operations in Canada. “Vogogo is committed to playing its part in enabling and accelerating the growth of global bitcoin exchanges,” said Geoff Gordon, CEO at Vogogo. “Through providing secure, effective and compliant access to global banking and payment networks, exchanges such as Coinbase can focus on being the very best at their business.”
Prior to this, bitcoin payments have encountered a lot of friction when it comes to mainstream adoption, particularly in the traditional banking sector. Established companies like Vogogo can provide risk management and payment processing that allows users to complete cryptocurrency exchanges seamlessly through traditional banks and fiat currencies.
Vogogo has already been involved in helping bitcoin exchange companies such as Kraken and Bitstamp gain traction in Canada. To celebrate the launch, Coinbase is waiving the fees for its brokerage service to Canadian customers until September 6.