FTX to buy Canadian crypto trading platform Bitvo

The deal will be closed in the third quarter of 2022 if it receives regulatory approval

18.06.2022 - 06:40

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What’s new? Cryptocurrency exchange FTX is set to buy Canadian digital asset trading platform Bitvo. FTX CEO Sam Bankman-Fried noted that the entry into the Canadian market will be another step in cooperation with regulators around the world. The exchange said in a press release that the deal will be closed in the third quarter of 2022 if it receives regulatory approval.

FTX’s press release

What preceded it? Previously, Bankman-Fried noted that he was ready to spend several billion dollars to expand the company. In early February, the company bought the Japanese crypto exchange Liquid Group and its subsidiaries. This group of companies is licensed by the local Financial Services Agency (FSA). In late March, FTX entered the Australian cryptocurrency market, creating a division, FTX Australia, to provide services to residents of the continent.

What is known about Bitvo? It is a Canadian platform that allows one to trade digital assets 24/7. The company has issued account-linked payment cards, Bitvo Cash Cards, for customers. In April 2022, the platform registered as a limited dealer under Canadian securities laws and was also licensed, allowing it to offer trading services in all provinces in the country.

In May, FTX surpassed Coinbase for the first time ever in terms of BTC trading volume. Over the past 18 months, FTX’s global bitcoin trading market share increased from 5% to 44%.

Earlier, Sam Bankman-Fried bought a 7,6% stake in the online broker Robinhood for $648,29 million.

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