Partnerships are an integral part of the digital currency ecosystems, as collaboration leads to true innovation in nearly every case. Having multiple sets of eyes on key issues can be the cause for new solutions that otherwise would not have been conceived. A recent partnership between Cavirtex and Vogogo Inc. will improve the trading experience for future and current account holders on the exchange platform.
Also read: Ethereum DevCon1 Day Two – Brief Recap
Faster Deposits and Withdrawals for Cavirtex Users
Making the buying and selling of Bitcoin more convenient for both established and novice traders is the right way forward for virtual currency exchanges. However, that process sounds much easier to achieve than it actually is, as exchanges have to rely on traditional financial infrastructure to complete these services.
Unfortunately for virtual currency exchange users, the financial infrastructure they use these days is slow, causing a fair amount of frustration and annoyance. Through innovative partnerships – such as the one with Vogogo Inc, for example – Cavirtex aims to resolve these issues for their customers.
Most people active in the digital currency sphere will have heard of Vogogo by now, as the company was founded back in 2008. In recent years, Vogogo became a publicly traded risk management and payment processing specialist. A part of the company’s success can be attributed to their superior automated technology.
As you would come to expect from such a partnership, there will be a time during which the technical integration is scheduled to take place, causing EFT withdrawals and deposits to be paused. However, Interac payments remain available at all times allowing customers to deposit funds in Canadian Dollars. Bitcoin deposits and withdrawals will not be affected during this integration period.
But there will be some changes coming to Cavirtex users, as they will need to re-verify their bank accounts so they are linked to the new Vogogo platform. Customers successfully completing this procedure will see EFT’s processed within 1 to 2 business days. It goes without saying this is a major improvement compared to the situation before this partnership when EFT’s took a full week to clear.
Regarding daily limits, Cavirtex customers will be subject to a CA$10,000 limit per day for standard EFT transfers. There is an option to increase these limits on a user-by-user basis if needed, which will involve a verification procedure. Interac transfers can be used for instant funding purposes of up to US$1,000.
More Exchanges To Follow This Example?
It would be beneficial for the Bitcoin community if more and more exchanges started looking at options to speed up both withdrawals and deposits for customers. After all, the biggest hurdle to overcome is quick and convenient access to Bitcoin at any time. While traditional payment methods like credit cards would be a good fit, they also pose a great risk regarding fraud and chargebacks. Alternative options have to be found sooner rather than later.
Bitcoin ATM’s are another convenient alternative to buying and selling Bitcoin on the fly but there is one major problem with this service: there are too few ATM’s in the world to make it viable. Capital cities around the world are, in most cases, home to one or more Bitcoin ATM’s, but not everyone is willing to travel hundreds of kilometers to buy or sell Bitcoin at high fees.
Source: Cavirtex Newsletter
Images courtesy of Cavirtex, Vogogo, Shutterstock