FTX to acquire Canadian crypto exchange Bitvo

The deal is set to be completed in the third quarter of 2022, subject to regulatory approval

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FTX said the acquisition will help it “provide its industry-leading products and services to its global customers in a regulated fashion” – Photo: Shutterstock
                                

Crypto trading platform FTX has announced it will acquire Bitvo, a Canadian crypto asset trading platform that was established in 2018, in a bid to expand into the Canadian market.

FTX said in a press release that the acquisition aligns with the firm’s mission to “provide its industry-leading products and services to its global customers in a regulated fashion”.

The deal is set to be completed in the third quarter of 2022, subject to regulatory approval. The financial terms of the deal have not been disclosed.

Global market expansion

Earlier this year, Bitvo became the first Alberta-based crypto asset trading platform to register as a restricted dealer, allowing the firm to offer crypto asset trading services across all territories in Canada. 

The acquisition, however, comes at a difficult time for the crypto industry, with the price of Bitcoin and other leading cryptocurrencies witnessing a continous decline, and firms evaluating their assets as they embrace a “crypto winter”.

FTX CEO Sam Bankman-Fried recently made headlines as he addressed the need for crypto firms to step in and prevent further contagion of the market slide, saying he feels a “responsibility to consider stepping in” to help contain losses.

Sam Bankman-Fried said of the Bitvo acquisition: “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 CEO Pamela Draper said: “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 Canadians’ access to the digital asset ecosystem as part of FTX.”

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