Crypto giant FTX is set to enter Canada after agreeing to buy Alberta-based outfit Bitvo. Financial terms were not disclosed.
In April Bitvo became the first Alberta-based crypto asset trading platform to register as a restricted dealer, allowing it to offer its services across all provinces and territories in Canada.
Sam Bankman-Fried, CEO, FTX, says: “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.”
The acquisition is expected to close in the third quarter of 2022, subject to regulatory approval and customary closing conditions.
The move comes at a difficult time for the industry, with bitcoin's price tanking and many firms slashing jobs as they prepare for a "crypto winter".