Canadian Bitcoin Processor Vogogo Raises $8.5 Million to Expand to US

Vogogo has closed an oversubscribed $8.5 million round of financing.

The Canadian bitcoin processor, which operates under the Redfall Technologies banner, raised the funds from a variety of firms, including Cormark Securities, Salman Partners, and Clarus Securities.

The Calgary-based payment processing specialist says it will use the funds to expand its bitcoin efforts into the US.

Vogogo’s technology and services enable cryptocurrency businesses to meet strict compliance and risk mitigation requirements of conventional banks and regulators. With effective risk management, compliance, and security in place, Vogogo “has assisted in making Canada a reputable region for crypto businesses.” An expansion into the US market “is now underway and expected to go live in the coming months,” according to the company.

“This is a another milestone for Vogogo and an endorsement of our potential,”  Vogogo CEO Geoff Gordon said. “The ability for the global crypto industry to meet the stringent requirements of regulators and traditional banks is one of the most significant challenges for the crypto space.”

Vogogo was founded in 2008.