Cryptocurrency exchange FTX has announced the acquisition of Liquid, which operates a regulated Japanese exchange, Quoine. The two companies “look forward to working together to provide products and liquidity to clients in the Japanese and global markets.”
FTX Acquires Liquid to Serve Japanese Clients
Cryptocurrency exchange FTX is entering the Japanese cryptocurrency market. FTX CEO Sam Bankman-Fried tweeted on Wednesday:
FTX is pleased to announce the acquisition of the Liquid group of companies, including an FSA-registered cryptocurrency exchange to provide products and services to our customers in Japan.
Liquid tweeted independently on Wednesday: “Liquid Group and all of its operating subsidiaries are being acquired by FTX Trading Ltd.”
Liquid operates Quoine, a cryptocurrency exchange in Japan that is licensed by the Financial Services Agency (FSA), the country’s main financial regulator.
Quoine, founded in 2014, was one of the first cryptocurrency exchanges in Japan to be registered by the FSA in 2017. The Japanese exchange received a Type 1 financial instrument trading registration from the FSA in October last year. The exchange also offers derivatives trading.
FTX recently raised $400 million and achieved a $32 billion valuation. “This round will support our continued mission to bring innovative products and services to market, as well as expand our global reach with additional licenses around the world,” Bankman-Fried told Bitcoin.com News.
Liquid detailed that he and FTX “look forward to working together to provide products and liquidity to clients in the Japanese and global markets,” explaining:
Following FTX's acquisition of Liquid, Quoine will gradually integrate FTX's products and services into its own offering, and existing Japanese FTX customers will migrate to Quoine's platform.
Currently, the FTX website states that the exchange does not integrate any users from Japan and that “registrations are prohibited in Japan.” Also, “FTX Digital Markets Ltd. does not currently facilitate users who are from Japan.”