Leading cryptocurrency exchange, FTX is looking to expand into the Canadian market after an agreement to acquire Bitvo exchange.
FTX to Acquire Bitvo Exchange
According to an official press release, the deal is expected to be finalized in the third quarter of this year, subject to regulatory approval and customary closing conditions. The financial terms of the deal were not disclosed by either firm.
After the acquisition, Bitvo will integrate with FTX global employees to offer regulated services to Canadian users.
Bitvo is an Alberta-based crypto exchange registered as a restricted dealer under the securities laws of all provinces and territories in Canada.
The exchange is also registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a money services business in the virtual asset service provider category.
Sam Bankman-Fried, CEO of FTX, said the acquisition is part of the company’s push to expand its global presence while complying with regulators.
“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,” he said.
FTX Expands Global Reach
FTX has continued to make new acquisitions in recent times in a bid to expand its global presence as well as offer regulated services.
Last October, the U.S. unit of the exchange, FTX US, acquired licensed crypto derivative platform LedgerX to enable it to offer regulated derivatives products in the country.
In February, FTX purchased Japanese crypto exchange Liquid Group and all of its operating subsidiaries to provide products and liquidity to Japanese retail and institutional investors.
In a more recent report, Sam Bankman-Fried acquired a 7.6% stake in the popular American crypto-friendly trading platform, Robinhood.
