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FTX Acquires Japanese Fintech Company Liquid Group

Sam Bankman-Fried’s FTX will acquire Liquid Group and all of its operating subsidiaries. Among them is Quoine Corporation – one of the first digital asset trading platforms in Japan. FTX continues to expand According to a recent blog post, the deal is expected to close in March this year, as regulators will consider all closing conditions. Upon completion, Bahamas-based FTX will own Quoine, thereby distributing its services on Japanese soil. Founded in 2014, the latter is one of the first exchanges to receive approval from the FSA to operate in the country. Quoine will gradually integrate FTX’s products and services into its offering. At the same time, existing Japanese customers of Bankman-Fried’s company are being migrated to Quoine’s ecosystem. FTX has also entered into an agreement to provide services to its customers in Japan in accordance with local law. Users will receive email notifications about all transitions. Both parties expect to work together to provide products and liquidity to retail and institutional investors in Japan and the global markets. The economic terms, as well as the amount of the acquisition, have not been disclosed. FTX and Liquid Group know each other. In August last year, hackers tapped more than $90 million in digital assets from the Japanese organization. Shortly after, however, FTX transferred a $120 million loan intended to stabilize Liquid Group after the attack. Speaking at the time, COO Seth Melamed said, “By partnering with FTX, we see tremendous opportunities to drive innovation and change the future of finance with blockchain technology.” FTX’s Impressive Start to 2022 The cryptocurrency platform, which experienced impressive growth last year, has continued its streak in 2022 as well. Last month, it established a $2 billion venture fund to invest in new and promising digital asset projects. The company’s CEO and founder – Sam Bankman-Fried – provided the full amount. By the end of January, the platform’s US arm – FTX US – raised $400 million in a funding round led by SoftBank Group and Temasek Holdings. As a result, the company’s total valuation grew to $8 billion. A few days later, the global exchange closed FTX $400 million in another round of financing, raising its own valuation to a whopping $32 billion. SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and get $100 Free and 10% Off Fees on Binance Futures First Month (Terms and Conditions). PrimeXBT Special Offer: Use this link to register and enter POTATO50 code to get 25% off trading fees.
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