Japanese Crypto Firm Liquid Acquired by FTX

Japanese Crypto Firm Liquid Acquired by FTX

Liquid crypto exchange and its subsidiary companies will be acquired by the US-based crypto exchange FTX for an undisclosed amount.

Sam Bankman-Fried’s crypto exchange FTX has seen immense success over the past couple of months: from partnerships with Visa, to securing large funding rounds, and reaching a total value of $8B.

According to the official announcement by Liquid, the FSA-registered crypto exchange has made the deal in order to comply with Japanese laws. Despite the acquisition, both crypto exchanges will seemingly be working together as "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."

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What are dApps in Crypto? (Explained with Animations)

What are dApps in Crypto? (Explained with Animations) What are dApps in Crypto? (Explained with Animations)

Also, FTX will move Liquid's Japanese customers to Quoine, because Quoine is a subsidiary exchange that acquired the Type I Financial Instruments Business license earlier last year. 

Quoine was founded in 2014, with headquarters in Tokyo. After launching another crypto trading platform Qryptos in 2017, and securing a business license with Japan’s FSA, it was merged with Quoine in 2018. 

Meanwhile, FTX’s acquisition deal with Quoine should be closed sometime in March of 2022, and Liquid’s existing users will be moved to Quoine starting March 30th of 2022. FTX assured that Liquid’s users from Japan will be required to comply with Japanese laws after the deal has been made.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree