Kraken, a San Francisco-based bitcoin exchange, announced it will bring its services to Canada.
The company will have the help of Vogogo, a risk management and financial technology firm, to beef up security, compliance, and payments processing.
Through the newly established bitcoin exchange, individuals based in Canada would be able to convert Canadian dollars into digital currencies and vice-versa. Locals can participate in such transactions using Interac e-Transfer and electronic fund transfers (EFT).
“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,” highlighted Kraken CEO Jesse Powell.
“We’re looking forward to providing fast settlement and liquidity that will enable the Canadian market for bitcoin and bitcoin businesses to flourish.”
Standard trading fees range between 0.10 percent and 0.35 percent. Competitive rates apply for active users based on the total volume of trade in one’s account. Vogogo will charge Kraken for every transaction completed on the platform.
Powell expressed several positive views about the Canadian market, elaborating that the region has a lot of potential for digital currency-related businesses. The company is currently benefiting from its conservative and careful approach to global expansion.
“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.
“Their level of diligence in selecting partners speaks to the reputation Vogogo has gained within the industry.”
Kraken’s move comes after CaVirtex closed down its operations due to a crippling data breach earlier this year. Coinsetter purchased the business for $2 million and reopened in April.