The FTX cryptocurrency exchange is making bold moves amid the ongoing bear market. The exchange is planning to expand its operations in Canada, and to do this, it will acquire the Bitvo cryptocurrency exchange.
Bitvo is a cryptocurrency trading platform based in Canada. The exchange is duly regulated to operate in Canada, and this acquisition will allow FTX to expand its services to Canadian users.
FTX plans to acquire Bitvo
The acquisition deal between FTX and the Bitvo exchange is expected to close during the third quarter of this year. However, the deal will only be finalized after the exchange received the needed regulatory approval and after customary closing conditions have been realized.
Bitvo is one of the leading crypto-asset trading platforms in Canada. The platform allows Canadians to have a secure and easy way to buy, sell and trade cryptocurrencies. In April this year, Bitvo became Alberta’s first crypto asset trading platform to be registered as a restricted dealer.
The CEO of the FTX cryptocurrency exchange, Sam Bankman-Fried, “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.”
After this acquisition is complete, Bitvo announced it would be integrated into the FTX global network. The platform will now serve the Canadian cryptocurrency market in different capacities.
The CEO of Bitvo, Pamela Draper, added that “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.”
FTX moves to Japan
FTX recently moved its operations into Japan. The headquarters of FTX Japan are in Tokyo, and the platform has been licensed by the Financial Services Agency (FSA) in Japan. The platform will provide a way through which customers on the platform can access spot and derivatives trading. Bankman-Fried hopes that the subsidiary will transform the digital asset space in Japan.