FTX Plans To Buy Bitvo

FTX, one of the largest cryptocurrency derivatives exchanges, is planning to enter the Canadian market. The exchange has announced a planned acquisition of the Bitvo exchange to support this move.

FTX plans to acquire Bitvo

FTX Trading Limited issued an announcement on Friday saying that it wanted to acquire Bitvo as part of its efforts to provide a wide range of crypto-related products to users based in Canada.

The exchange has said that the acquisition deal is expected to be finalized within the third quarter of 2022. However, this deal was “subject to regulatory approval and customary closing conditions.”

The CEO of FTX, Sam Bankman-Fried, commented on the development, saying, “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 not the first acquisition that FTX is making to expand its global operations. Besides acquiring Bitvo, FTX also announced the acquisition of Liquid Group, a cryptocurrency company based in Japan. The acquisition was done in February alongside the company’s subsidiaries as part of FTX’s plans to expand the exchange’s operations in Asia.

In 2021, FTX acquired LedgerX, a Bitcoin derivatives platform. In May, it was reported that the exchange was also looking into more acquisitions. The company is planning to acquire brokerage startups as part of the plan to offer stock trading services.

Source: Crypto News