source : cryptopotato.com
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 venues in Japan.
FTX Continues to Expand
According to a recent blog post, the deal should be finalized in March this year as the regulators will take all closing conditions into account. Upon completion, the Bahamian-based FTX will own Quoine and thus spread its services on Japanese soil. Established in 2014, the latter is among 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 offerings. At the same time, existing Japanese customers of Bankman-Fried’s company will be migrated to Quoine’s ecosystem. FTX also inked a deal to provide its clients in Japan with services in compliance with local law.
Users will receive email notifications regarding all transitions. Both parties expect to work together to provide products and liquidity to retail and institutional investors in Japan and global markets. The economic terms, as well as the amount of the acquisition, have not been disclosed.
FTX and Liquid Group are familiar with each other. In August last year, hackers drained more than $90 million worth of digital assets from the Japanese organization. Shortly after, though, FTX transferred a loan of $120 million intended to stabilize Liquid Group after the attack. Speaking on the matter back then was COO Seth Melamed:
“By collaborating with FTX, we see enormous opportunities to drive innovation and change the future of finance with blockchain technology.”
FTX’s Impressive Start of 2022
The cryptocurrency platform, which experienced impressive growth last year, has continued its streak in 2022 as well.
Last month, it set up a $2 billion venture fund to invest in new and promising digital asset projects. The CEO and Founder of the company – Sam Bankman-Fried – provided the full amount.
Towards the end of January, the American branch of the platform – FTX US – raised $400 million in a funding round led by SoftBank Group and Temasek Holdings. As a result, the firm’s total valuation grew to $8 billion.
A few days later, the global exchange FTX closed $400 million in a fresh financing round, increasing its own valuation to a whopping $32 billion.