FTX announces acquisition of Alberta-based restricted crypto trading company

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Crypto exchange giant FTX has recently announced the acquisition of a Canadian crypto asset trading platform Bitvo, Inc. 

Bitvo is an Alberta-based trading platform registered as a restricted under the securities laws of all provinces and territories in the nation. The trading platform became the first Alberta-based crypto trading company to register as a restricted dealer in April this year. Bitvo is also a money services business registered with FINTRAC under the virtual asset service provider category.

The expansion plans of FTX

The new agreement between the two marks the latest acquisition in the mission of FTX to expand its industry-leading products and services by providing them to its global users in a regulated manner. The deal is subjected to regulatory approval and customary closing conditions and is expected to close in 2022 Q3. 

The CEO of the exchange giant, Sam Bankman-Fried (SBF), commented on the acquisition by stating:

“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 is intended to be integrated into the FTX global team after the transaction is completed, serving the Canadian market in a variety of ways.

“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,” Pamela Draper, CEO of Bitvo, said.

FTX, which claims to be built by traders for traders, strives to be an intuitive platform for all kinds of investors. It has been aiming to expand its presence in the crypto industry as well as outside it.

In May, as TheCoinRise reported, FTX was reportedly looking for law-complying brokerage startups under its stock trading plans. Notably, the exchange is planning to bring stock trading for its investors.

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