Leading Bitcoin exchange Kraken has entered the Canadian market with a strategic alliance with risk-management & payment processor Vogogo Inc. According to a MarketWatch report, Vogogo has launched its proprietary compliance, risk management and payment processing platform with the Bitcoin exchange.
The partnership is a key breakthrough for both the companies. The cryptocurrency startup Vogogo will provide Kraken with risk management, security, compliance and payment processing services to allow Kraken’s Canadian users easily convert Canadian dollars into Bitcoin and other cryptocurrencies or vice-versa.
This partnership also boosts the Bitcoin exchange to offer both Interac and EFT payments in Canadian dollars. Interac deposits will be credited in a few minutes after being transferred, enabling clients to start trading immediately with the funds.
Benefit to the Canadians
Kraken will be charging its Canadian customers extremely low trading fees of 0.10% for highly active traders, which increases up to 0.35% for less frequent traders. Kraken has started supporting XBT/CAD trading.
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.”
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.“