Cryptocurrency derivatives exchange FTX has reportedly put its ink on an agreement to complete the acquisition of the Canada-based crypto platform Bitvo.

Specifically, FTX Trading Limited reportedly disclosed on June 17th details of its plans for purchasing Bitvo, as included in the attempts of the crypto exchange to roll out its products and services to users living in Canada. 

The firm also shared that the agreement was “subject to regulatory approval and customary closing conditions,” with expectations to close in the third quarter of this year.

“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.” Head of FTX, Sam Bankman-Fried, further remarked. 

News related to the purchase reportedly surfaced during the time prices of big cryptocurrencies going to rough waters in June, with Bitcoin (BTC) testing the $20,000 level. Many crypto establishments including Coinbase, Gemini, and Crypto.com had to lay of employees, but SBF claimed on June 6 that FTX would neither cut its workforce nor freeze hiring.

Apart from Bitvo, FTX also finalized the acquisition of Japan-headquartered crypto entity Liquid Group and its subsidiaries in February, as included in the firm’s efforts to widen its footprints throughout Asian markets, following the company acquiring BTC derivatives platform LedgerX last year. 

Previously in May, the crypto firm was weighing its option of purchasing brokerage startups as part of a possible development to set up a presence in stock trading.