FTX Trading is expanding its operations in the global crypto market and is preparing for the acquisition of Bitvo. According to the deal, purchasing the exchange will allow FTX to operate in the Canadian crypto market.
The deal was officially announced by FTX, awaiting regulatory approval of the acquisition to complete the purchase of the crypto platform. Without disclosing details about the deal, the company expects the transaction to be completed as early as the third quarter of 2022.
As FTX CEO Sam Bankman-Fried says, the purchase of Bitvo will ensure the company’s expansion into Canada, working in compliance with crypto assets regulators worldwide.
“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 crypto assets regulators in different geographies across the globe.”
Soon after the approval of the acquisition, Bitvo will be fully integrated into FTX’s platform to serve customers in Canada. Bitvo CEO Pamela Draper highlights the importance of FTX to the Canadian crypto market.
“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 crypto assets community. We look forward to transforming Canadian’s access to the digital asset ecosystem as part of FTX”.
FTX expands global business and investments
FTX continues its project of expansion and leadership in the crypto market. As such, before announcing the purchase of Bitvo, the platform invested US$450 million in Yuga Labs, the company responsible for creating the Bored Ape Yacht Club collection of NFTs.
In addition to investing in Yuga Labs, Sam Bankman-Fried bought US$579 million in Robin Hood stocks. So now, the FTX CEO owns 7.6% of the app that offers stock and crypto assets trading.