FTX's initiative marks the company's global expansion of its edge-cutting services.
On June 2, a centralized cryptocurrency exchange FTX launched a licensed Japanese-based crypto-asset exchange services provider dubbed FTX Japan. The news comes after FTX successfully acquired a local crypto firm Liquid back in February.
CEO of FTX Sam Bankman-Fried stated that “completing this acquisition earlier this year is a key step in achieving our goal of providing a global investor base with access to digital asset markets through a regulated entity.”
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FTX Japan will pave the way for introducing more services and products to the market, including spot crypto trading and perpetual for a number of cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). Additionally, it will supposedly assist in revolutionizing the Japanese cryptocurrency ecosystem.
Bankman-Fried concluded the statement by implying that Japan’s regulated market has a “potential market size of almost $1 trillion” for digital asset trading.
Back in March, FTX secured a license to launch its "Virtual Asset (VA) Exchange and Clearing House Services in Dubai, United Arab Emirates (UAE).” The crypto exchange also implied that it would be setting up its regional headquarters in the region.
Earlier this week, crypto exchange firm Crypto.com also received approval for its Virtual Asset License from the Dubai Virtual Assets Regulatory Authority (VARA). The permit dictates that the company will be issued a full operating license as soon as it fulfills all mandated requirements in the "near term."
On another note, such positive news comes in the midst of other crypto-related businesses firing a number of their employees. For instance, earlier this week, a crypto exchange dubbed Gemini laid off 10% of its employees as trading in the cryptocurrency market is in turmoil.
