FTX Acquires Japanese Cryptocurrency Exchange Liquid

Crypto exchange FTX is set to acquire Japanese crypto exchange Liquid and its operating subsidiaries, one of which operates a licensed crypto exchange in the country. Liquid Group announced Wednesday that FTX is acquiring Quoine Corporation and Quoine Pte. in Singapore. Quoine was one of the first crypto exchanges to be registered by Japan's financial regulator in 2017 and operates under the Liquid brand.

The terms of the deal were not disclosed. In its first investment round in 2019, Liquid was valued at over $1 bln. The deal is expected to close next month. Liquid suffered a nearly $100 mln hack last August, with FTX providing $120 mln in debt financing.

Once the acquisition is completed, Quoine will begin integrating FTX products and services into its own platform, and FTX's existing Japanese customers will migrate to the Quoine platform. FTX and Liquid plan to work together to serve retail and institutional clients in Japan and around the world.

Image: Coinphony