Digital Asset Firm FTX Acquires Bitvo, Makes Alberta first Canadian Business Location

Momentum in Alberta’s Fintech sector continues to build as crypto exchange company FTX revealed plans to establish its first Canadian location in Calgary after the acquisition of Calgary-based Bitvo — a trading platform “offering Canadians a secure and easy way to buy, sell and trade crypto-assets.”

With headquarters in the Bahamas and operations in Australia, Dubai, Japan, Switzerland and other locations worldwide, FTX announced its plans “to finalize the acquisition of Bitvo Inc. by the end of the third quarter 2022, subject to regulatory approval and customary closing conditions.”

FTX chose Alberta for investment “because of its business-friendly environment, talent pipeline, and established finance, tech and innovation ecosystems.”

Following the completion of the acquisition, Bitvo is expected “to be integrated into the FTX global team, serving the Canadian market in a variety of capacities.”

Sam Bankman-Fried, CEO of FTX, said:

“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.”

He added:

“Canada has shown a growing interest in digital asset trading, and we’re thrilled to help provide entry into one of the leading regulated crypto asset trading platforms in the world to the Canadian cryptocurrency community. We look forward to transforming Canadian’s access to the digital asset ecosystem as part of FTX.”

Pamela Draper, CEO of Bitvo, remarked:

“We want to position Alberta at the forefront of emerging technologies and industries in Canada. FTX launching in Calgary will help further grow our reputation and our opportunities in technology and innovation, specifically in blockchain technology. This is great news for further growth of our fintech sector and further diversification of our economy.”

Invest Alberta will work with FTX as the company “establishes its presence in Alberta, which includes connecting them to the tech ecosystem, helping them navigate Alberta’s regulatory environment and access the local talent pipeline.”

Alberta is reportedly “home to over 3000 tech companies and a tech workforce of about 200,000 and growing.”

As of February 2022, Alberta has “at least 15 crypto-related firms, ranging from mining to financial services, and the industry is only expected to grow.”

Rick Christiaanse, CEO, Invest Alberta, said:

“Alberta is embracing digital transformation and changing the way finance works. In Alberta, we have the world’s largest finance players intermixed with exciting fintech startups, all supported and driven by a skilled workforce. We look forward to welcoming FTX to Alberta as more companies see the province as a destination of choice for global investment.”

A concentration of capital-intensive industries has “created strong demand for an innovative financial services sector in Alberta, and, as a result, the province has developed world-class expertise in niche sectors, like cryptocurrency.”

Other companies that have recently set up new offices in Alberta “include Mphasis, Brane Inc., PACE, and EY Canada.”

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