Cryptocurrency derivatives exchange FTX completes a deal to acquire the Japanese company Liquid Group. Terms of the deal were not disclosed, but Liquid was valued at over $1 billion in 2019.
Together with the Liquid crypto exchange, the Japanese Quoine Corporation and the Singapore-based Quoine Pte, which are members of the group, will also come under the control of FTX.
In 2017, Quoine became one of the first crypto exchanges to be licensed by the Japanese financial regulator. After some time, the group began to work under the Liquid brand.
The FTX deal is expected to close next month. After that, Quonie will have to integrate FTX services and products into its platform, as well as migrate Japanese FTX customers to it.
Notably, in August last year, when cryptocurrency exchange Liquid was hacked and lost more than $74 million, FTX provided the group with $120 million in debt capital.
The news of the Liquid acquisition came shortly after FTX completed a $400 million funding round with a capitalization of more than $32 billion. At the beginning of the year, FTX announced that it was launching a $2 billion FTX Ventures venture capital fund. The company said the fund’s goal is “ to develop the adoption of blockchain and Web 3.0 around the world.”
Source: Bits
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
