FTX, a cryptocurrency exchange company, has initiated the acquisition of Bitvo, a digital asset trading platform in Calgary, Alberta. FTX intends to open its first Canadian office in Calgary after the transition. Following regulatory clearance and typical closing conditions, the acquisition is expected to close by the end of the third quarter of 2022. After the transaction is complete, FTX will integrate Bitvo into its global team and will provide a range of services to the Canadian market.
Why FTX chose Bitvo and Alberta
The Bitvo Same Day Guarantee, the Bitvo Cash Card, and technical trading analysis tools are some of Bitvo’s unique features. FTX aims to be a user-friendly but powerful platform for a wide range of people.
Due to Alberta’s business-friendly environment, talent pipeline, innovation and good fintech ecosystem, FTX decided to make an investment there. To help FTX get started in Alberta, Invest Alberta is teaming up with them now and in the near future. Alberta’s regulatory environment, the local talent pipeline, and linking them to the tech ecosystem are all part of its in-tray.
Sam Bankman-Fried, CEO of FTX stated, “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.”
More than 30,000 tech firms and 200,000 tech workers live and work in Alberta. Alberta has a high concentration of capital-intensive businesses, which has led to a considerable demand for new financial services. As a result, the province has honed its competence in specialized fields like cryptocurrencies to world-class levels.