Bitcoin Forum
September 10, 2024, 09:58:22 PM *
News: Latest Bitcoin Core release: 27.1 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: [2016-07-08]Bitcoin Services Startup Vogogo to Close Payment Processing Services  (Read 269 times)
hendra147 (OP)
Hero Member
*****
Offline Offline

Activity: 644
Merit: 509


View Profile
July 08, 2016, 04:28:34 PM
 #1

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.

The committee will monetize certain residual assets, primarily the Electronic Money Institution (EMI) authorization that United Kingdom’s Financial Conduct Authority granted.

Vogogo has sold certain assets to a private risk management and consulting services firm, including the risk platform known as the Vogogo Risk and Rules Engine. It will no longer seek to sell its stand-alone risk services as part of its business offering. Certain third parties affiliated with the purchaser will terminate their rights to certain post-closing payments of up to $3 million, payable in cash or common shares, based on Vogogo achieving certain performance thresholds.

https://www.cryptocoinsnews.com/bitcoin-services-vogogo-closing-payment-processing/
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!