FTX is acquiring Canadian cryptocurrency trading platform Bitvo

Quick Take

  • FTX is acquiring Canadian crypto trading platform Bitvo. 
  • The deal is set to close in the third quarter of this year, pending regulatory approval. 

FTX is set to acquire Canadian crypto trading platform Bitvo as the cryptocurrency exchange continues to add to its global treasure chest of acquisitions. 

FTX announced the news on Friday in a release, saying that the deal is set to close in the third quarter of this year on the condition it receives regulatory approval. 

"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," FTX CEO  Sam Bankman-Fried said in the announcement. 

Bitvo is a Canada-based platform that enables users to trade digital assets, including BTC and ETH among others, while also offering a cash card. According to the news release, the platform was the first crypto asset platform to register as a restricted dealer, meaning that it is able to offer trading services across all of Canada's provinces. 

The acquisition supports Bankman-Fried's promise to spend billions on acquisitions in forthcoming years to build the company's global presence. FTX recently announced a strategic investment in the US stock exchange IEX.

Along with making a push into Europe, earlier this year the company acquired Japanese cryptocurrency exchange Liquid to launch operations in that country. Last year, its US affiliate made its first acquisition, swooping up crypto derivatives exchange LedgerX. 

Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.

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