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....
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Bitcoin services startup Vogogo is closing its cryptocurrency-focused payment processing service next month after it failed to gain traction, a move that comes amid the exits of several executives and reports that at least some bitcoin services will be affected in the near-term. Announced on 5th July, the move will see Vogogo shutting down its payments service after it completed selling its risk management business. Those two business lines were major elements of Vogogo, which raised $8.5m in venture funding in August 2014 before going public last year. The closure is notable given the....
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