Pulling Funds
Bitvo Inc., a Calgary-based cryptocurrency trading platform, has given assurances to customers that it continues to operate. FTX announced plans to buy the firm in June, but the deal did not close.
The trading platform operates on a full reserve basis and doesn’t lend money, CEO Pamela Draper said by phone. While “volatility” on the platform has increased, the company hasn’t paused deposits or withdrawals.
“It hasn’t affected our platform at all,” she said. For now, Bitvo is still bound by the FTX acquisition agreement, but the company will disclose “when or if” that’s canceled, Draper said.
The crash of Bankman-Fried’s empire has fueled outflows across global crypto exchanges, with users pulling $3.7 billion worth of Bitcoin and $2.5 billion of Ether from Nov. 6 to Nov. 13, according to data provider CryptoQuant.
This article was provided by Bloomberg News.