Leading cryptocurrency exchange FTX announced its plans to acquire Canada-based crypto platform Bitvo in order to expand its presence in the country.
Subject to regulatory approval and customary closing conditions, the deal is expected to close in the third quarter of 2022.
With this deal with Bitvo, FTX intends to expand its product and service offerings to Canadian customers.
Bitvo became the first crypto asset trading platform based in Alberta to register as a restricted dealer in April of this year, allowing it to offer crypto asset trading services “across all Canadian provinces and territories.”
The Bitvo team is expected to be integrated with FTX’s global workforce following the acquisition, with tasks spanning the Canadian market.
Sam Bankman-Fried, CEO of FTX, stated “We are delighted to enter the Canadian marketplace and continue to expand FTX’s global reach. Our expansion into Canada is another step in proactively working with cryptocurrency regulators in different geographies across the globe.”
Pamela Draper, CEO of Bitvo, added “Canada has shown a growing interest in digital asset trading, and we’re thrilled to help provide entry into one of the leading regulated crypto asset trading platforms in the world to the Canadian cryptocurrency community. We look forward to transforming Canadian’s access to the digital asset ecosystem as part of FTX.”
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