The cryptocurrency exchange FTX announced that it would acquire the Alberta-based regulated digital assets platform Bitvo, according to a press release.
Terms of the deal were not disclosed.
If regulators approve it, FTX will take another step in its global expansion of products and services. The deal is expected to close in the third quarter.
In April 2022, Bitvo became the first to receive a restricted-dealer licence under Canadian securities laws across all provinces and territories. The firm is also registered with FINTRAC as a money-services business.
Bitvo serves clients 24/7, offering instant account opening and same-day deposits and withdrawals. The company has issued the Bitvo Cash Card linked to accounts.
opened a branch in Japan, renaming the previously acquired regulated exchange Liquid to FTX Japan K.K.
Earlier, FTX chief Sam Bankman-Fried promised to spend ‘billions’ on acquiring stakes in other companies.
In January 2022, FTX received $400 million in funding. The exchange was valued at $32 billion. In the same month, the US arm of the company raised the same amount at a valuation of $8 billion.
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