November 1, 2014
Vogogo recently announced a new partnership with Knox Payments to enable its U.S. clients in the digital currency space to accept payment from any U.S. bank account thus helping in better access to commercial banking. The agreement will connect Vogogo to its Knox Payments’ USD payments network and domestic banking connections. Vogogo also raised $8.5m in funding back in August to extend its solutions to U.S. and European markets.
The partnership along with the funding is an important step in the international expansion of the company. It would eventually benefit the U.S. bitcoin industry as it seeks to improve its compliance and risk management keeping up with the direction from regulators. Since its inception in 2008, Vogogo serves clients in the e-commerce space as well, providing risk management, compliance tools and online payment services. The company is backed by other partners like Beacon Securities, Clarus Securities, Cormark Securities, Genuity Corp and Salmon Partners.
The partnership with Knox will allow Vogogo to push up its U.S. launch while using the Knox's proprietary cross-payments platform, which transacts payments in real time. Both the companies will benefit each other, with Vogogo providing its experience and Knox its banking relationship. Vogogo's service will now enable more businesses in the bitcoin and wider digital currency space to obtain the tools they need to serve US customers effectively.
Vogogo offers a range of toolsets like:
Cryptocurrency companies are struggling to get access to banking because of lack of risk management capabilities and the compliance to work with a bank. Knox is taking interest in cryptocurrency industry. The ACH payments specialist is striving to gain the ability to serve clients in the cryptocurrency community with innovative compliance products. This would serve Knox’s goal of enabling better and more cost-effective digital transactions.