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Crypto exchange FTX plans to acquire the Canada-based Bitvo exchange to expand into the Canadian crypto market. Bitvo is one of the few crypto exchanges regulated by all 13 provincial and territorial securities commissions across the country.
FTX launching in Canada will further improve its reputation and opportunities in the crypto market, despite the current volatility in the market. FTX CEO believes the market tumbles will have no impact on him or FTX.
FTX Acquires Bitvo Crypto Exchange
Bahamas-based FTX crypto exchange plans to officially launch in Canada by acquiring Calgary, Alberta-based crypto exchange Bitvo Inc., reported The Globe and Mail on June 17.
The exact terms or valuation for the acquisition were not revealed by both firms. The acquisition can possibly take place in the third quarter of the year after regulatory approval. Users may notice some changes in features and experiences in the long term. Moreover, the companies revealed that there will be no impact of the acquisition on staffing.
Sam Bankman-Fried, CEO of FTX, on considering expanding to other provinces in Canada, said:
“We’re focused and really excited to be building a real Canadian footprint, especially by working together with a registered platform. For now, we don’t have any specific plans in mind, but we’re looking to expand in places where regulators are working with the sector to create meaningful opportunities.”
Alberta Jobs Minister Doug Schweitzer appraised FTX’s expansion in the region despite the crypto market crash. The Alberta government has promised that the province will be a global leader and hub for crypto. Moreover, Canada is one of the progressive crypto nations looking for blockchain and web3 technology adoption.
FTX Continues Aggressive Expansion As Other Slows
At a time when many crypto exchanges and companies face financial constraints and other issues, FTX is expanding. FTX has recently announced launching stock trading, ETFs, and futures for U.S. customers as it enters traditional financial markets. Moreover, the crypto exchange also announced the launch of its operations in Japan in early June.
Moreover, FTX CEO Sam Bankman-Fried is also a strategic investor in the crypto firm WonderFi Technology, which acquired Canada-based crypto exchange Coinberry.
In fact, many crypto exchanges are following FTX suit to either expand or enter traditional financial markets. For instance, the AEX crypto exchange has announced plans to enter the U.S. and Hong Kong to offer stock trading services.
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