June 28, 2022

Alberta Stories

Alberta grows crypto hub as FTX acquires Bitvo Inc. to make debut in Canada 

Alberta is rapidly becoming a leading destination for cryptocurrency companies, attracting big players around the world and home to over 15 crypto-related firms. One of the world’s largest cryptocurrency companies, FTX announced on June 17, its acquisition with Calgary-based company Bitvo Inc. to expand operations and establish roots in Alberta’s highly attractive fintech sector.  

With growing tech and innovation on the mind, the province is boosting itself to becoming a key location for industry leaders to capitalize on Alberta’s inviting business environment and vast pool of growing talent in the sector. 

Bitvo demonstrated their compatibility for the FTX acquisition not only as a platform that offers secure and easy ways to buy, sell and trade crypto assets to Canadians, but also as a company regulated by all 13 provincial and territorial securities. These standards provided Bitvo with an advantage in the sector that will bring new opportunities to fintech in Alberta. 

Momentum in Alberta’s fintech sector is not slowing down, even considering recent drops in the market. Crypto companies are seeking opportunities for expansion and taking advantage of locations, like Alberta, where regulators are working with leaders in the sector to build mutually beneficial opportunities.  

Alberta’s booming tech sector is creating a gravitational pull, enticing global finance, tech and innovation companies to seek investment and business opportunities here. Recently, we’ve seen companies like Brane Inc., an independent cryptocurrency custody solutions provider, who occupies the same space as Bitvo, chose Alberta as its new headquarters location. These companies are on a fast-track to helping Alberta close the gap on becoming a leading global cryptocurrency hub.  

Finance, tech and innovation are becoming key sectors in Alberta where the talent pipeline is hot and where a highly educated workforce is ready for what’s next. With provincial investments expanding and advancing the province’s post-secondary educational institutions, we are preparing for an increase in high-impact, high-value investments that will augment the sector, providing more jobs opportunities and boosting our economy.  

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