One of the world’s fastest-growing cryptocurrency trading platforms, FTX announced that it has acquired the crypto firm Liquid, today. The acquisition includes all the operating subsidiaries of Liquid Group like Quoine Corporation and Quoine Pte. in Singapore.
The deal is expected to close in March 2022. Founded in 2014, Quoine is a pioneer in crypto services. In 2017, the company became one of the first digital asset services providers to be registered by Japan’s Financial Services Agency (FSA). In October last year, FSA granted Type 1 Financial Instruments Business registration to Quoine.
According to FTX, its existing Japanese customers will be migrated to Quoine with effect from 30 March 2022. Through the acquisition, FTX aims to support retail and institutional cryptocurrency investors in Japan. The economic details of the deal were not disclosed.
“In connection with this acquisition, FTX has also entered into an agreement with Liquid to provide its existing Japanese users with services in compliance with Japanese laws and will transfer its existing Japanese users to Quoine, with effect from 30 March 2022. Quoine is a wholly-owned subsidiary of Liquid and a licensed Japanese crypto-asset exchange and Type I Financial Instruments Business licensee,” Liquid noted.
Global Expansion of FTX
Recently, FTX secured $400 million in its Series C funding round and received a valuation of $32 billion. With that, the digital exchange became one of the most valuable companies in the crypto ecosystem. Furthermore, FTX formed several partnerships in 2021 to increase the adoption of digital currencies. Recently, the US arm of FTX topped the valuation of $8 billion.
Commenting on the acquisition of Liquid, Sam Bankman-Fried, the CEO of FTX, said: “FTX is pleased to announce the acquisition of the Liquid group of companies, including an FSA-registered crypto-asset exchange to provide products and services to our customers in Japan.”
