FTX acquired Japanese crypto exchange Liquid Group to serve Japanese customers through its new subsidiary.
- The deal is expected to close in March 2022, according to a press release on Wednesday.
- The companies did not disclose the acquisition value. In April 2019, Liquid’s valuation was over $1 billion.
- FTX also acquired Quoine, one of thirty exchanges registered with Japan’s Financial Service Agency (FSA), which holds a Type I Financial Instruments Business license for trading securities and derivatives.
- FTX and Liquid Group did not respond to request for comment.
- The Japanese exchange lost over $90 million in a hack in August 2021, after which FTX gave it a $120 million loan.
- FTX will integrate its products and transfer all existing Japanese users to Liquid. The user transfer will take effect on March 30 2022.
- On Monday, FTX announced it closed a $400 million Series C round at a $32 billion valuation.
- On Tuesday, crypto finance unicorn Amber Group announced the acquisition of DeCurret, another exchange registered with the FSA, to tap into the Japanese market.