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US billionaire and crypto exchange CEO FTX Sam Bankman-Fried announced that his company has acquired the Japanese crypto company Liquid Group and its affiliates.
As part of the transaction, ftx will acquire quoin corporation, a financial services agency (fsa)-approved crypto exchange. As Cointelegraph previously reported, Quoine acquired a Type I Financial Instruments Business license under the Financial Instruments and Exchange Act from the Japanese regulatory authorities.
Ftx is pleased to announce the acquisition of the liquid group of companies, including a cryptoasset exchange registered by fsa to provide products and services to our customers in Japan! https://t.co/rO5TznWFCU
— SBF (@SBF_FTX) February 2, 2022
According to the announcement, the partnership will 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 existing FTX customers from Japan will be migrated to the Quoine platform."
The agreement also obliges ftx to comply with Japanese laws whilst serving existing Japanese users on its platform. Based on this agreement, ftx will transfer its existing users from Japan to the quoine trading platform starting March 30.
Although the acquisition is expected to end in March 2022, the economic terms of the agreement remain undisclosed.
Related: Crypto exchange FTX US closes $400M funding round to reach $8B valuation
Just last week, FTX US received an $8 assessment following $400 million in funding from SoftBank Group Corp.
As cointelegraph reported, ftx we president brett harrison had planned to redirect the funds to expand the crypto exchange offerings and a supporting workforce. Following numerous other concurrent investments, FTX exchange as a whole stands at a $32 billion valuation.
Despite concerns raised by experts about a falling crypto market, Bankman-Fried remains bullish:
“I think we’re not entering a long-term crypto winter. Interest rate expectations have changed, and cryptomarkets have evolved. But that also moved the markets more broadly."
