FTX plans to acquire crypto exchange Bitvo as part of move into Canadian market

Cryptocurrency derivatives exchange FTX has entered into an agreement to purchase Canadian crypto platform Bitvo.

In a Friday announcement, FTX Trading Limited said it planned to acquire Bitvo as part of the crypto exchange’s effort to offer its products and services to Canadia-based users. The company added that the deal was “subject to regulatory approval and customary closing conditions,” but expected to close in the third quarter of 2022.

"We are delighted to enter the Canadian marketplace and continue to expand FTX's global reach,” said FTX CEO Sam Bankman-Fried, or SBF. “Our expansion into Canada is another step in proactively working with cryptocurrency regulators in different geographies across the globe."

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News of the acquisition came as the prices of major cryptocurrencies fell significantly in June, with Bitcoin (BTC) testing the $20,000 level. Many crypto firms including Coinbase, Gemini, and Crypto.com announced staff cuts, but SBF said on June 6 that FTX would neither cut its workforce nor freeze hiring.

Related: FTX announced as naming rights sponsor of Australian Blockchain Week 2022

In addition to Bitvo, FTX acquired Japanes crypto firm Liquid Group and its subsidiaries in February as part of the company’s expansion into Asian markets, following the firm buying BTC derivatives platform LedgerX in 2021. Cointelegraph reported in May that the crypto firm was looking into acquiring brokerage startups as part of a potential move into offering stock trading.