FTX plans to amass crypto trade Bitvo as a part of transfer into Canadian market

Cryptocurrency derivatives trade FTX has entered into an settlement to buy Canadian crypto platform Bitvo.

In a Friday announcement, FTX Buying and selling Restricted mentioned it deliberate to amass Bitvo as a part of the crypto trade’s effort to supply its services and products to Canadia-based customers. The corporate added that the deal was “topic to regulatory approval and customary closing situations,” however anticipated to shut within the third quarter of 2022.

“We’re delighted to enter the Canadian market and proceed to broaden FTX’s world attain,” mentioned FTX CEO Sam Bankman-Fried, or SBF. “Our growth into Canada is one other step in proactively working with cryptocurrency regulators in several geographies throughout the globe.”

Information of the acquisition got here as the costs of main cryptocurrencies fell considerably in June, with Bitcoin (BTC) testing the $20,000 degree. Many crypto companies together with Coinbase, Gemini, and Crypto.com introduced employees cuts, however SBF mentioned on June 6 that FTX would neither minimize its workforce nor freeze hiring.

Associated: FTX introduced as naming rights sponsor of Australian Blockchain Week 2022

Along with Bitvo, FTX acquired Japanes crypto agency Liquid Group and its subsidiaries in February as a part of the corporate’s growth into Asian markets, following the agency shopping for BTC derivatives platform LedgerX in 2021. Cointelegraph reported in Could that the crypto agency was trying into buying brokerage startups as a part of a possible transfer into providing inventory buying and selling.