FTX acquires Japanese financial technology group Liquid
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Answer FTX acquires Japanese financial technology group Liquid
Among the signs and indicators of the growth and expansion of the crypto market is the increase in the rate of acquisitions and investments in the industry.
Recently, FTX announced that it will acquire the Japanese “Liquid” group and all of its operating subsidiaries, including the “Quoine Corporation”, the latter being one of the first platforms specialized in trading cryptocurrency in Japan.
FTX continues to expand:
According for a recent blogThe acquisition deal should be completed in March of this year as regulators will take all closing conditions into account.
Upon completion, Quoine will be acquired by FTX, which is based in the Bahamas, and will therefore spread its services on Japanese soil.Read:Michael Saylor: Global Markets Are Not Ready To Welcome Bitcoin Bonds Yet!
Founded in 2014, Quoine is among the first trading platforms to be approved by the country’s Financial Services Authority.
Quoine will gradually integrate FTX products and services into its offering.
At the same time, existing Japanese customers of FTX will be migrated to Quoine’s ecosystem.
FTX also signed a deal to provide its customers in Japan with services that comply with local Japanese law.
Users will receive email notifications regarding all transfers.
Both parties expect to work together to provide products and liquidity to individual and institutional investors in Japan and global markets.
It is worth noting that the economic terms, as well as the amount of the acquisition, were not disclosed.
“FTX” and “Liquid” are familiar to each other.
In August last year, hackers blew more than $90 million worth of cryptocurrency from Japanese group Liquid.
Soon after, FTX transferred a $120 million loan aimed at stabilizing Liquid Group after the attack.
At the time, Seth Melamed, Liquid Group COO, said:
By collaborating with FTX, we see tremendous opportunities to drive innovation and change the future of finance using blockchain technology.Read:Iranian official: The US Congress is working to ban mining in Iran
FTX’s impressive start to 2022:
The cryptocurrency platform, which saw impressive growth last year, continued its upward streak in 2022 as well.Read:Ripple responds to the SEC and demands to know why Bitcoin and Ethereum are not considered securities?
Last month, FTX created a $2 billion investment fund to invest in new and promising cryptocurrency projects.
Towards the end of January, the US subsidiary of the platform raised $400 million in a funding round led by SoftBank and Temasek Holdings.
As a result, the company’s total valuation has grown to $8 billion.
A few days later, FTX closed with $400 million in a new funding round, increasing its own valuation to $32 billion.
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