Undeterred by the recent debacle in the cryptocurrency sector, crypto exchange FTX will pursue a growth trajectory by staking out a claim to buy Canadian rival, Bitvo.
This deal (aimed to break ground into the country’s burgeoning market for digital assets) will be realized in Q3 2022, although exact details and dates have not yet been provided.
FTX Trading Limited will seek to expand its reach in the North American market with a particular focus on consumers in Canada. To embark on its goal, the company still needs to receive the necessary regulatory approvals to continue.
FTX CEO Sam Bankman-Fried intends to spend millions on the upcoming US presidential elections and is upbeat about the success of the expansion:
“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,” he said.
Bitvo CEO Pamela Draper added: “Canada has shown a growing interest in digital asset trading, and we're thrilled to help provide entry into one of the leading regulated crypto asset trading platforms in the world to the Canadian cryptocurrency community. We look forward to transforming Canadian's access to the digital asset ecosystem as part of FTX.”
Once the acquisition is completed, Bitvo will integrate into the FTX global team bringing several opportunities to the Canadian market.
FTX’s aim to increase its global footprint is steadily rising. Early this year in addition to Bitvo, the company acquired Japanese crypto firm Liquid Group and its subsidiaries as part of its expansion into Asian markets.
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