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Leading cryptocurrency exchange FTX is set to acquire Canadian trading platform Bitvo after it reached an agreement, thereby gearing up for its entry to the Canadian market.
According to a press release issued on Friday, the deal will be completed in the third quarter of 2022 pending the needed regulatory approval.
FTX CEO, Sam Bankman-Fried, in a statement:
“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.”
Bitvo was founded in 2018, and is licensed under the securities laws of all provinces and territories in Canada. It is also registered with Canada’s financial intelligence agency, FINTRAC, as a money services business in the virtual asset service provider (VASP) category.
Bitvo CEO, Pamela Draper, commented:
“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.”