Connect with us

News

FTX Acquires Bitvo to Expand to Canada

Published

on

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:

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.

Read this also:

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.

What do you think of this article? Share your comments below.

Advertisement Earnathon.com
Click to comment

What's Your Opinion? Please Leave a Comment

Latest Episode on Inside Blockchain

Crypto News Update

Crypto Street

Advertisement



Trending

ALL Sections

Recent Posts