FTX Plans To Expand In Japan Through Liquid Group Acquisition

Crypto derivatives exchange FTX is in a process of acquiring Liquid Group and all of its operating subsidiaries, including Quoine Corporation – one of the first crypto trading platforms in Japan.

In a recent blog post, Liquid Group wrote that the deal should be finalized in March this year as the regulators will take all closing conditions into account. Once completed, the Bahamas-headquartered FTX will own Quoine and is licensed to offer its services in Japan.

Incorporated in 2014, Quoine was one of the first exchanges to receive approval from the FSA to operate in the country.

Quoine will gradually build FTX’s products and services into its offerings. Also, any FTX’s Japanese customers will be migrated to Quoine’s ecosystem.

Users of both companies will be notified by email regarding the transitions. FTX and Quoine expect to collaborate to provide products and liquidity to retail and institutional investors in Japan and global markets. The amount of the acquisition and financial terms of the deal, have not been disclosed.

The paths of FTX and Liquid Group have crossed before. In August 2021, hackers drained more than $90 million worth of crypto from the Japanese organization. FTX back then issued a loan of $120 million intended to stabilize Liquid Group after the attack.

FTX just finished a Series C funding round reeling in $400 million, bringing the company’s valuation to $32 billion.

Last month the US arm of FTX likewise raised $400 million bringing its valuation to $8 billion.