Bitcoin Services Startup Vogogo to Close Payment Processing Services
Vogogo Inc., an Alberta, Canada-based company that provided payment processing and transaction risk services, announced in a press release it will close its payment processing operation and sell off assets after struggling to find ways to enhance shareholder value.
The company developed software for multiple electronic payments, including peer-to-peer and online banking systems, pre-authorized debit, card payments and direct deposit. Vogogo provided know-your-customer and anti-money-laundering services for firms transacting in bitcoin and in general.
The company, whose clients included bitcoin service providers, served the Canadian, U. S. and U. K. markets.
Vogogo Considered Its Options
A committee of Vogogo’s board of directors has explored alternatives including the sale of all or parts of the existing business, in addition to recapitalization and financing alternatives. The board concluded selling the risk platform and discontinuing the payment processing business are the best courses of action.
This post was published at Crypto Coins News on 08/07/2016.