FTX to acquire Liquid Group

Crypto exchange FTX is set to acquire Japanese fintech company and payments specialist Liquid Group and its subsidiaries.

The deal will include FTX gaining control of one of the first Japanese crypto exchanges registered with the Financial Service Agency (FSA), Quoine.

Quoine has been granted a Type 1 Instruments Business license which enables the company to offer its customers derivatives.

The overall terms of the deal have not yet been announced. However, according to a press release the deal is expected to close this March.

If the conditions of the deal are fulfilled Quione’s platform will gradually commence its integration of FTX products and services, alongside FTX’s Japanese customer’s migration onto the platform.

The exchange platform has seen vast expansion worldwide and is said to be be one of the more popular exchanges; it has become a fast-growing crypto firm, following closely after Binance.

The firm acquired crypto portfolio tracker Blockfolio for $150m in 2020, with plans to collaborate with its team in developing a retail trading app. A year later and Blockfolio’s app was renamed FTX.

Moreover, last August, FTX supported Liquid Global with a $120m loan in order for the company to recuperate its losses from a $90m hack occurring when Liquid’s digital wallets were unfortunately compromised.

FTX has now acquired the group alongside banking several others deals over the last eight months. These include: Golden State Warriors, Washington Wizards and Capitals  Major League Baseball, and LA esports giants TSM.

The future looks bright for FTX as it launches its expansion not only into the eastern areas but globally, too.

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Updated: 02/05/2022 — 00:00