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FTX acquires Japan-based Liquid exchange

FTX

TL; DR Breakdown

  • FTX set to complete takeover of Liquid exchange
  • Users on the platform will be migrated to Quoine
  • FTX crosses $32 billion in valuation

FTX has continued on its quest to increase its footprint worldwide with the latest acquisition of Japanese investment. According to a recent statement by Sam Bankman Fried, the company’s CEO, the firm has acquired the ownership rights of Liquid exchange, a crypto exchange with its base of operations inside Japan. With the acquisition in place, FTX would have rights to the said company and the other sister companies under its wings.

Users on FTX will be migrated to Quoine

One of the companies that it will take over is Quoine Corporation, a firm that recently got awarded a license of operation from the Financial Services Agency of Japan. Going by reports some weeks ago, the firm was the recipient of a Financial Business Instrument License.

FTX will provide crypto services to both individuals and companies across the Japanese financial market with the acquisition deal in place. The firm also mentioned that it would undergo a small process of infusing its offering into Quoine. In some months to come, it would move all its Japanese customers from the FTX platform to Quoine. Henceforth, FTX will adhere to the rules and regulations guarding the Japanese market as spelled out by the FSA.

The company crosses $32 billion in valuation

According to its statement, the onboarding of users from FTX to the Quoine platform will kick off by March 30. Although both companies are expected to put pen to paper before March 2022, some other parts of the deal are far from being finalized. The platform has been recording good fortunes in the crypto market following the US arm of the company announcing that it had entered an $8 million valuation.

This came after a funding round that saw about $400 million invested in the company led by SoftBank and other entities. However, the head of the US branch has mentioned that the funds will be diverted to offer users more products while increasing the company’s staff strength. As of this present time, the platform has also crossed a valuation of $32 billion. Sam Bankman Fried has continued to believe in the crypto market despite fears of more decline by experts.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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