Major Bitcoin Exchanges are Using Vogogo’s Risk Mitigation and Compliance Service
Risk management, payment and compliance company Vogogo released its Q2’15 financial statement this week, which mentioned that some of the leading Bitcoin companies have subscribed to its risk management and regulatory compliance services.
The Bitcoin startups that integrated Vogogo’s solutions include BitPay, Bitstamp, Kraken, Genesis Global Trading, ChangeTip, Payscout and Zinger.
Founded in 2008, Vogogo is a publicly traded company on the TSX Venture Exchange (TSXV) that provides payment, integrated risk management and compliance services via its web-based payment processing technology.
Vogogo mainly operates to very customer details in order to help its customers fend off money laundering through their payment services. Furthermore, customer verification helps Vogogo’s clients to comply with counter-terrorism finance reporting laws and mitigate fraudulent transactions.
For example, Vogogo’s AML-CTF global compliance solution would enable one of the named clients, BitPay, to validate its customers by double checking their name from a global watch list and protect the Bitcoin platform from any money laundering from flagged individuals with advanced analytics and decision support system.
Vogogo CEO Geoff Gordon told the media in a statement that “[they] are seeing significant interest in our risk-management services and payment services from alternative markets. “Capturing those opportunities will help us drive revenue while we continue to move forward with our plan to be the dominant provider of risk management and payment processing services to the cryptocurrency industry.
We are huge believers in blockchain technologies and we aim to play a significant role in anchoring that industry for a long time to come,” he added.
Earlier in June 2015, Canadian Bitcoin exchange Kraken, implemented Vogogo’s solutions that relied on its expertise in risk management and payment processing.
The latest business expansion of Vogogo indicates that Bitcoin companies are desperate to meet government regulations concerning the payment industry. It could be interpreted as a good sign, as it would help build confidence among the general public about the viability of these new-age payment companies.