FTX a cryptocurrency exchange based in Bahamas, offers innovative products comprising volatility products, industry-first derivatives, and leveraged tokens. It strives to build a platform strong enough for professional trading companies and innate enough for first-time users.
The crypto exchange announced the acquisition of Bitvo- a Calgary-based crypto asset trading platform and made its first Canadian presence by starting with Calgary. Bitvo’s platform offers a secure and convenient way to buy, sell and trade crypto assets.
Sam Bankman-Fried, CEO, FTX, commented, “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.”
The acquisition of Bitvo will be done by the end of the third quarter of 2022, depending on the regulatory approval and customary closing conditions. Alberta has been selected by FTX for investment purpose to make this deal happen because of its talented resources, established tech, finance, and innovation ecosystems.
Pamela Draper, CEO, Bitvo, stated, “We want to position Alberta at the forefront of emerging technologies and industries in Canada. FTX launching in Calgary will help further grow our reputation and our opportunities in technology and innovation, specifically in blockchain technology. This is great news for further growth of our fintech sector and further diversification of our economy. 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.”
As soon the acquisition process will end, Bitvo will be embedded into the global team of FTX, providing various offering to Canadian market.