Signed contracts have been released today declaring a partnership between payment processing specialist Vogogo Inc. (TSX VENTURE:VGO) and Bitcoin exchanges QuadrigaCX and BitMEX.
From Canada to Hong Kong
QuadrigaCX is the leading Canadian Bitcoin exchange. Trading in Bitcoin and Litecoin, Vancouver rooted QuadrigaCX offers a sophisticated trading platform as well as an online/offline merchant program.
Quadriga is particularly notable for their speed to market. On December 23, 2013, registered under 0984750 BC LTD, they became the first Bitcoin exchange in North America to obtain a Money Services Business (MSB) license from FinTRAC, beating their competitor caVirtex who registered in 2014. Back in May of this year, Quadriga CX also became the first Bitcoin exchange in Canada to start buying and selling in gold (XAU) alongside Canadian and US dollars.
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 and aims to increase the stability of the overall market of digital currencies. BitMEX went live 15 days ago, uses multisig for all of their addresses has recently received face time with the TEDxHong Kong audience after advancing in a startup competition.
Expectations imply that both exchanges will integrate with Vogogo’s payment processing and risk management platform to offer users of their respective platforms seamless transactions between Bitcoin and fiat currencies in the US and Canada. The EU is expected to be added in Q1, 2015.
Speak Now or Forever Hold Your Bits
Vogogo will continue to test and scale their payment processing and risk management platform through the remainder of Q4, 2014. The company 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 added:
"Partnering with Vogogo will allow BitMEX to offer fiat margined contracts, and expand the sophistication and breadth of our product offerings."
We hope this leads to a happy and fruitful marriage to build accreditation and growth for the entire Bitcoin industry.