Cryptocurrency exchange FTX buys Liquid Group for billions of dollars
The FTX exchange, which has seen exceptional growth over the past year, is also opening its doors to Japan when it announced it has acquired Liquid Group.
Cryptocurrency exchange FTX buys Liquid Group
Exchange FTX, which made a big breakthrough with young CEO Sam Bankman-Fried, has acquired Japanese Liquid Group, which also has a multi-company crypto exchange. While the official statement today came from Liquid Group, the announcement stated that FTX has also acquired Quoine, a subsidiary of Lquid. Quoine is the first exchange to receive a financial management license (2017) in Japan. The Company also offers services under the Liquid brand.
“FTX is pleased to announce the acquisition of the Liquid group of companies, including a cryptocurrency exchange registered by the FSA Financial Services Authority, to provide products and services to our customers in the US. Japan,” FTX CEO Sam Bankman Fried tweeted today.
Liquid said the acquisition is expected to close in March this year. The terms of the deal have yet to be announced.
Once the acquisition is complete, Quoine Exchange will integrate FTX products and services into its platform and existing FTX users in Japan will also migrate to Quoine’s platform. Liquid and FTX also aim to cater to Japanese companies.
As part of the transaction, FTX’s owner and operator, FTX Trading Ltd, will acquire Liquid Group and all of its operating subsidiaries, including Quoine Corporation and Quoine Pte in Singapore. Liquid will provide services to its existing Japanese users in accordance with Japanese law and will migrate those users to Quoine effective March 30th.
In addition, post-acquisition, Quoine will “gradually” integrate FTX’s products and services into its offering and FTX’s existing Japanese customers will be migrated to Quoine.
Liquid Group and FTX previously had a good relationship
Liquid Group was valued at $1 billion in 2019. The FTX exchange has a good relationship with Liquid Group. As you will recall, the Liquid exchange was hacked in August and suffered $90 million in damage. FTX quickly rushed to Liquid’s aid, providing $120 million in support. There was also a lot of talk about this help from FTX at the time.
Just two days ago, the FTX exchange received a $400 million investment, taking its total market value to $32 billion.
Major crypto exchange FTX is preparing to launch a business in the Land of the Rising Sun by acquiring the Liquid team, owners of licensed Japanese cryptocurrency exchange Quoine.
Founded in 2014, Quoine was one of the first crypto exchanges to be registered by the FSA in Japan in 2017.
As of 8:23 UTC, FTX’s native coin is trading at $44.75, up nearly 2% in a day and over 22% in a week.
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