Bitvo Announces Termination of Pending Transaction With FTX Canada Inc. and FTX Trading Ltd.

CALGARY, Alberta--(BUSINESS WIRE)--In light of recent events, Bitvo Inc. (“Bitvo”) announces that its shareholder, Pateno Payments Inc., has terminated its previously announced agreement with FTX Canada Inc. and FTX Trading Ltd. (“FTX”) in accordance with the terms of such agreement.

Since inception, Bitvo has operated as an independent, Canadian crypto asset trading platform. As previously announced, Bitvo has no material exposure to FTX or any of its affiliated entities. Additionally, Bitvo is not party to the bankruptcy proceedings entered into by FTX and its affiliated entities and Bitvo has never owned, listed or traded FTX Token (“FTT”) or any similar token.

Bitvo’s operations have and are expected to continue unaffected, with trading operations as well as withdrawals and deposits continuing seamlessly. Bitvo operates on a full reserve basis, meaning it does not lend customer funds. Bitvo has always chosen to operate in this fashion, and it is a requirement of Bitvo’s regulatory status as a Restricted Dealer registered with the Canadian Securities Administrators in all provinces and territories in Canada.

At Bitvo, we believe that holding ourselves to the highest standards of security and compliance will allow us to build a successful business for the long term and have never sacrificed that for short term gains.

Bitvo Inc.

Bitvo (www.bitvo.com) is a crypto asset trading platform that facilitates buying and selling of crypto assets through its best-in-class website and mobile applications. Bitvo differentiates itself by making transacting in crypto assets easy and offering proprietary features such as the Bitvo Same Day Guarantee, the Bitvo Cash Card and technical trading analysis tools. Additionally, Bitvo is managed and owned by a group of competent, transparent and qualified individuals comprised of seasoned financial markets and payment processing professionals (read more about the team here). Finally, Bitvo makes security a top priority. The company has never lost customer funds. Fiat funds are stored at major Canadian banks and crypto assets are stored primarily in cold storage with an arms length, third-party licensed trust company with US$100 million of insurance.