FTX Buys Bitvo and Enters Canadian Market

FTX.com is a fast-growing crypto exchange and the tentacles of the platform are reaching more and more corners of the world. The exchange has now taken another step to continue growing. Namely, it has launched Canadian crypto trading platform Bitvo Inc. purchased

FTX enters Canadian market

The focus of FTX is on compliance, everything has to be done in a regulated way to avoid problems with authorities. To enter the Canadian market, the exchange recently acquired Bitvo, an exchange regulated in all 13 provinces of Canada.

It is quite striking news considering the current situation in the crypto markets. Many companies are hurt by the falling prices, but FTX decides instead to stay on course and continue to grow. Pamela Draper, the CEO of Bitvo, says of the deal:

“This definitely comes at an interesting time for crypto. But to us, it speaks volumes about FTX’s long-term commitment to this industry. It shows that they are moving forward unwaveringly in the face of these market declines.”

FTX CEO: “Crypto markets do what crypto markets always do”

Sam Bankman-Fried, the CEO of FTX, says he is not worried about the volatility in the markets. They do what markets have always done, says the CEO.

He is primarily “focused on realizing a true Canadian footprint by partnering with a registered platform.” The deal is expected to be completed later this year, after which FTX takes another major step in the competition between the major exchanges.

Earlier, FTX announced that it had taken such a step in highly regulated Japan. There, FTX Japan launched earlier this month.

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The CEO of FTX also said how his exchange can continue to grow in these difficult times. It does this, among other things, by not hiring massive staff, as you can read here.

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