Bitvo will assist FTX's team in serving Canada's market "in a variety of capacities."
On June 17, Bahamian-based crypto exchange FTX announced that it would be seeking to purchase Bitvo, an Alberta-based crypto asset trading platform founded in 2018 and regulated by 13 provincial and territorial securities commissions in the country.
According to the official statement, the initiative underlines FTX’s effort to offer its world-class products and services to its global customers. After the acquisition is complete, FTX expects that Bitvo will serve Canada's market "in a variety of capacities."
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CEO of FTX Sam Bankman-Fried stated that the company is eager to join the Canadian marketplace, which will reportedly help the crypto exchange reach even more customers. He continued:
“Our expansion into Canada is another step in proactively working with cryptocurrency regulators in different geographies across the globe."
FTX stated that the acquisition was “subject to regulatory approval and customary closing conditions”, while it expects to carry out the initiative in Q3 of 2022.
On top of that, Pamela Draper, CEO of Bitvo, also underlined the fact that cryptocurrency trading demand is rapidly growing in Canada. She believes that FTX is a perfect addition to the Canadian cryptocurrency community. “We look forward to transforming Canadian's access to the digital asset ecosystem as part of FTX,” Draper concluded.
Bankman-Fried also mentioned that FTX is also planning “to expand in places where regulators are working with the sector” in order to explore and build various opportunities.
The news comes amid the current crypto turmoil, with Bitcoin (BTC) falling massively to $18,880. Due to this, a number of different crypto exchange companies are cutting their staff numbers significantly, including Robinhood, Coinbase, Gemini, and Crypto.com.
However, earlier in June, FTX highlighted that the company won’t be firing any of its employees and will continue to expand despite the harsh market conditions.
