The CEO of crypto exchange FTX Sam Bankman-Fried (SBF) may have just announced the acquisition of Japanese crypto firm Liquid Group. According to the American billionaire, the deal will also see FTX acquire all of Liquid Group’s subsidiaries, including Quoine Corporation — a crypto exchange platform that recently got approved by the Financial Services Agency (FSA).
Just last October, Quoine finally acquired a Type I Financial Instruments Business license under the Financial Instruments and Exchange Act from Japanese regulators. The approval meant that Liquid is now allowed to carry out derivatives trading on its platform. In fact, the firm could also now offer investment opportunities to both retail and institutional clients.
FTX Announces Deal
Speaking about the acquisition, the CEO of FTX Sam Bankman-Fried took to his official Twitter page to express his delight.
Meanwhile, going by the details of the announcement, the partnership will broadly serve retail and institutional investors in the Japanese and global markets:
“Quoine will gradually integrate FTX’s products and services into its own offering, and FTX’s existing Japanese customers will be migrated to Quoine’s platform.”
Interestingly, for FTX to be able to serve its Japanese users, the firm must find a way to stay compliant with Japanese laws. Therefore, FTX will begin to transfer its existing Japanese users to Quoine’s trading platform from March 30.
Now, while the acquisition is expected to be completed by March 2022, the amount involved in the deal remains undisclosed.
Sam Bankman-Fried is Bullish
Even as experts continue to raise concerns about a global plunging of crypto markets, SBF remains somewhat bullish. He says:
“I think we’re not entering a long-term crypto winter. There have been changes in expectations of interest rates, and that’s been moving crypto markets. But it’s been moving markets more generally as well.”
And in line with many other investments, FTX exchange as a whole, currently stands at a $32 billion valuation.