Kraken Gains Canadian Footprint through Cavirtex Acquisition

Cavirtex, Canada's first and largest cryptocurrency exchange, was founded in Calgary in 2011. The platform allowed Canadian investors to trade digital assets like Bitcoin and Litecoin against the Canadian Dollar (CAD) using an open order book matching engine.

In January 2016, Cavirtex and its operations were acquired by Payward, Inc., the parent company of global exchange Kraken. This strategic move enabled Payward to absorb Cavirtex's client base and technology stack, establishing Kraken's market presence and compliance in Canada.