February 3, 2022
FTX, the cryptocurrency exchange owned by billionaire Sam Bankman-Fried, is all set to buy Japanese rival Liquid Group according to a press release posted on Liquid’s website.
Here’s what we know:
- According to the press release, as a part of the deal, FTX will also gain control of Quoine, one of the Japanese crypto exchanges registered with the country’s Financial Service Agency (FSA) back in 2017.
- While the other terms and details of the deal are yet to be announced, the contract is expected to close in March 2022. And if the conditions are fulfilled, Quoine’s platform will integrate FTX products and services and FTX’s Japanese customers will be gradually migrated to the platform.
- FTX said it expects the acquisition of Liquid to close by March 2022. The deal is subject to regulatory and shareholder approval.
- “Following FTX’s acquisition of Liquid, 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,” Liquid said in the press release.
- FTX earlier this week was valued at $8 billion after a Series A funding round raised $400 million from investors. It further raised $400 in a Series C funding round barely a week later and is currently valued at $32 billion
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.
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