FTX to buy Canadian crypto trading platform Bitvo
The deal will be closed in the third quarter of 2022 if it receives regulatory approval
![FTX to buy Canadian crypto trading platform Bitvo](https://storage.getblock.net/source/1/aGQIGtC5wnLOqsVFjk-gn53OY-rmGcl_.webp)
18.06.2022 - 06:40
343
2 min
0
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.
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.
Useful material?
Market
Australia’s largest financial institutions have refused to process payments to digital asset trading platforms due to the risk of fraud
Jul 26, 2024
Politics
According to the politician, the value of the country’s bitcoin reserves should equal the value of gold reserves
Jul 26, 2024
Mining
The capacity of the Bitaxe device used by the network participant is only 500 Gh/s
Jul 25, 2024
Trends
Meanwhile, Trump-inspired assets have not shown significant growth
Jul 22, 2024
Market
The fee will be as much as 2,5% compared to 0,25-0,19% for competitors
Jul 18, 2024
Market
This is the third consecutive month of decline
Jul 18, 2024