Kraken, the San Francisco-based Bitcoin exchange, has announced its launching in Canada, following a partnership with Vogogo, a software development company that specializes in payment services and risk management products.
Both companies are working on several industry initiatives. The partnership and Kraken’s launch in Canada is aimed at making Kraken available to clients throughout the country. The Vogogo platform provides Kraken with sophisticated risk management, security, compliance and payment processing services to enable Kraken’s customers to seamlessly exchange between Canadian dollars and Bitcoin or other digital currencies.
“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,” Kraken CEO Jesse Powell said.
Due to the partnership with Vogogo, Kraken will be offering both Interac and EFT payments in Canadian dollars. Interac deposits will typically be credited within a few minutes after being sent so customers can start trading immediately with the funds.
Canadian customers will benefit from Kraken’s low trading fees, which can be as low as 0.10% for high volume traders and up to 0.35% 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. Their level of diligence in selecting partners speaks to the reputation Vogogo has gained within the industry,” Vogogo CEO Geoff Gordon shared his opinion on the partnership with Kraken.
“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,” he added.
Founded in 2011, San Francisco-based Kraken is the largest Bitcoin exchange in euro volume and liquidity and also trading Canadian dollars, US dollars, British pounds and Japanese yen. Kraken was the first Bitcoin exchange to have trading price and volume disseminated on Bloomberg terminals.
It was also the first exchange to pass a cryptographically verifiable proof-of-reserves audit, and is a partner in the first cryptocurrency bank. Kraken is trusted by hundreds of thousands of traders, the Tokyo government’s court-appointed trustee, and Germany’s BaFin regulated Fidor Bank.