FTX Acquires Bitvo to Expand to Canada

FTX closes a deal that sees it become the new owner of Bitvo, an Alberta-Based Restricted crypto trading company in Canada. As global crypto adoption is expanding, so also the market is growing to reach more customers. FTX, known to be a major player in the Crypto space, is taking this opportunity to serve more people around the world.

Bitvo announced on its Twitter:

HUGE NEWS! 📢 @FTX_Official has agreed to acquire Bitvo! We're thrilled to be a part of one of the world's largest cryptocurrency companies, and we're excited to continue leading the Canadian cryptocurrency community 🍁 pic.twitter.com/2szrqrlJYJ

— Bitvo (@BitvoCrypto) June 17, 2022

The Canadian brand was founded in 2018 to serve the Canadian audience. On it, users can buy, sell and trade crypto assets. Then in April 2022, it got licensed as a Restricted Crypto Dealer under the securities laws of all provinces and territories in Canada. It is also registered under FINTRAC as a virtual service provider.

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Closing Deal, Staffing, and Features of the Acquisition

For now, the exact figures involved in the deal are not available and will not be until the third quarter of the year when the process will be concluded by the regulatory bodies involved. There are also no plans yet for changes in the staffing in terms of laying off workers. For the services offered, there will be a mix of features from both platforms giving the best options to the market.

Pamela Draper, CEO of Bitvo, speaking about the acquisition, believes that FTX is committed to providing services in the crypto market, especially in the long term.

And for Crypto Bullish personality behind the FTX brand, Sam Bankman-Fried, has explained that he’s happy with the expansion as it’s a step “in proactively working with cryptocurrency regulators in different geographies across the globe.” This is good news for the entire crypto world bearing in mind the negative news besieging the market.

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