FTX has announced the launch of a branch of the company which is located in Japan. The company, which currently sits tightly in second place according to exchanges with market volume will open its doors to traders and investors across the Asian country. This latest update is coming off the back of the recent acquisition of Liquid Capital that the firm made in the early parts of this year.
FTX Japan will provide spot and perpetual services
Over the years, Japan has taken solace in its tough stance on crypto exchanges and firms operating inside the country. This has helped the country reduce the number of criminal activities carried out across the market. Reacting to the update, the CEO of the crypto exchange, Sam Bankman-Fried mentioned that the acquisition at the beginning of the year was an integral part of the recent launch of the FTX Japan branch.
Bankman-Fried mentioned that the acquisition will push them ahead of their contemporaries in terms of technological advancement while enabling a working environment between the company and regulators. The launch will enable traders inside Japan to leverage the new platform to carry out all the basic crypto services that FTX provides across the globe. Asides from spot trading, traders are also open to trading perpetuals in a long list of digital assets including the native FTT token of the exchange. Japanese traders will also be able to carry out their transactions with the Yen as most of the tokens are paired with the fiat currency.
Crypto firms are downsizing
Bankman-Fried also lauded the potential present in the Japanese market while branding it a trillion-dollar market. Besides being closely regulated, the market also has a lot of potential that both companies and traders can tap. The FTX Japan exchange would be housed in Tokyo, providing all its services from the headquarters. However, the company might choose to open up further branches to enable traders to reach their physical offices with ease.
This expansion is the direct opposite of what crypto firms have been embarking on across the market. Most firms are now looking to downsize as a result of the bears in the market. Gemini recently announced that its staff base will see a 10% reduction while Coinbase has paused potential hires for a while to help the company during these trying times. Robinhood also cut off about 9% of its staff last month as its stock continued to plummet around the time.
