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VirgoCX: Beyond Canadian Borders

Hubert Pun, Jungsoo Ahn, Adam Cai

Product #:W43982
Supplier:Ivey
Discipline:Information Systems, International Business
Setting:Canada, 2021
Details:Case (PDF) • 5 pages • 2025-04-16

Subjects:

CryptocurrenciesTechnology and analyticsBusiness managementInformation systemsInternational business

Industries:

Information technology and telecom sector

Geography:

CanadaNorth America
Your Price:$10.54

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VirgoCX, a regulated Canadian cryptocurrency exchange founded in 2018, faced growth limitations due to strict domestic regulations and rising competition. In 2021, the CEO had to decide whether to expand further within Canada or enter international markets. The company was assessing three potential markets—the United States, Australia, and Hong Kong—each with unique regulatory challenges and market conditions. VirgoCX's CEO had to evaluate the strengths and weaknesses of these options, select a market for expansion, and propose an entry strategy (greenfield or joint venture) that aligned with VirgoCX’s goals.

Learning Objectives

This case is suitable for advanced undergraduate and graduate-level courses in entrepreneurship, strategy, and international business. After working through the case and assignment questions, students will be able to do the following:
  • Evaluate the benefits and costs of operating as a regulated exchange.
  • Analyze expansion trade-offs in Canadian (domestic) versus international markets.
  • Formulate market entry recommendations (greenfield versus joint venture).
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Case Study: VirgoCX: Beyond Canadian Borders (English version) | Ivey Publishing