FTX Trading (FTX), a global crypto-asset trading platform, has agreed to acquire Bitvo, a Canadian crypto asset trading platform.
Sam Bankman-Fried, CEO of FTX, said: “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.”
The acquisition marks the latest licence acquisition in FTX’s mission to provide its industry-leading products and services to its global customers in a regulated fashion.
The acquisition is expected to close in the third quarter of 2022, subject to regulatory approval and customary closing conditions.
Bitvo is a crypto asset trading platform offering Canadians a secure and easy way to buy, sell and trade crypto assets.
In April 2022, the Company became the first Alberta-based crypto asset trading platform to register as a restricted dealer, allowing it to offer crypto asset trading services across all provinces and territories in Canada.
Bitvo is also registered with FINTRAC as a money services business in the virtual asset service provider category.
Following the completion of the acquisition, Bitvo is expected to be integrated into the FTX global team serving the Canadian market in a variety of capacities.
Pamela Draper, CEO of Bitvo, said: “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.”