American billionaire Sam Bankman-Fried, CEO of crypto exchange FTX, announced the acquisition by his company of Japanese crypto firm Liquid Group.
FTX will purchase Quoine Corporation (a Financial Services Agency-approved crypto exchange) as part of the deal. Cointelegraph reported previously that Quoine received a Financial Instruments and Exchange Act Type I Financial Instruments Business License from Japanese regulators.
FTX is proud to announce the acquisition by Liquid Group of Companies, which includes an FSA-registered cryptocurrency-asset exchange. This will allow us to offer products and services in Japan to our customers! https://t.co/rO5TznWFCU
— SBF (@SBF_FTX February 2, 2022
The announcement stated that the partnership will benefit institutional and retail investors in Japan and the global markets.
“Quoine will integrate FTX products and services gradually into its own offering. FTX customers who are already in Japan will migrate to Quoine’s platform.”
FTX must also comply with Japanese laws when serving Japanese users via its platform. FTX will transfer existing users from Japan onto Quoine’s trading platform based on the agreement.
The acquisition is expected close in March 2022. However, the terms of the deal remain to be determined.
Related: Crypto exchange FTXUS closes $400M funding round for $8B valuation
FTX US just last week received an $8 valuation from SoftBank Group Corp, following a $400 million SoftBank Group Corp funding.
Cointelegraph reported that FTX US President Brett Harrison planned to redirect funds to increase the exchange’s offerings as well as a support workforce. The FTX exchange is valued at $32 billion, after several other simultaneous investments.
Bankman-Fried is bullish despite concerns about a declining crypto market.
“I don’t think we are entering a crypto winter. It has been moving crypto markets that there have been changes in the expectations of interest rates. It’s also been moving the markets more generally.”
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