FTX crypto exchange CEO and American billionaire Sam Bankman-Fried made an announcement about his company acquiring Liquid Group, a Japanese crypto company. The acquisition will include Liquid’s subsidiaries. The crypto exchange Quoine Corporation which has approval from the FSA, will also be part of this deal. Quoine had been given a Type I Financial Instrument Business license by the regulatory authorities in Japan under the act of Financial Instrument and Exchange.
Announcement by FTX
FTX made an announcement on February 2, 2022, about acquiring Liquid Group companies, including a crypto exchange that has FSA approval. The goal is to provide better services and products to its Japanese customers. The partnership is expected to serve not only the retail investors but also the institutional ones in both global and Japanese markets.
More Details Provided by FTX
Quoine has plans to integrate the products and services of FTX gradually. Present Japanese customers of FTX will be sent to the platform of Quoine. FTX must comply with Japanese laws when serving current Japanese customers through its platform. According to this agreement, FTX will start sending its current Japanese users to the trading platform of Quoine from March 30. The closure of this acquisition will be completed in March 2022. No further information about the financial terms has been disclosed.
FTX US had last week achieved a valuation of $8 billion after receiving $400 million of funding from a group led by Softbank Group. Brett Harrison, president of FTX US, had announced sending funds to increase the offerings and supporting the workforce of crypto exchange. FTX exchange, after receiving various investments, has a valuation of $32 billion.