The two companies are working on several industry initiatives and the partnership is now active in Canada to make Kraken available to clients across the country. The Vogogo platform offers Kraken comprehensive risk management, security, compliance, and payment processing services to allow Kraken’s clients to seamlessly exchange between Canadian dollars and Bitcoin or other digital currencies.
Under the partnership, Kraken will offer both Interac and EFT (electronic funds transfer) payments in Canadian dollars. Interac deposits will typically be credited within a few minutes following submission so that clients can begin trading immediately with the funds.
Kraken also now supports trading between Bitcoins and Canadian dollars. Canadian clients will benefits from the exchange’s low trading fees, which can be as low as 0.10 percent for high volume traders and up to 0.35 percent for less active traders. Vogogo will charge Kraken on a per transaction basis.
“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,” said Vogogo CEO Geoff Gordon in a press release. “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.”
“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,” said Kraken CEO Jesse Powell in the release. “We’re looking forward to providing fast settlement and liquidity that will enable the Canadian market for bitcoin and bitcoin businesses to flourish.”