Key Takeaways:
- Crypto trading platform, FTX to acquire Bitvo Inc.
- The former is aiming to distribute its products and services to international customers.
One of the leading global crypto asset trading platform, FTX Trading Limited has taken an initiative to expand in Canada. It has entered into an agreement to acquire a Canadian crypto asset trading platform, Bitvo Inc. The company is registered as a restricted dealer under the security laws of all provinces and territories in Canada.
This CEO of the former, Sam Bankman-Fried, commented, “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.”
This is the latest license acquisition of FTX. The company is aiming to distribute its industry-leading products and services globally but in a regulated manner. It is expected to close in the third quarter of 2022 and will be subject to regulatory approval and customary closing conditions.
