The US-based international exchange led by Sam Bankman-Fried, FTX, announced plans to acquire the Japanese company Liquid Group, responsible for the Liquid exchange, which has the respective licenses to operate within the Asian country.
The news was revealed by the Liquid Group team through a post on its official blog, where it reported that the FTX exchange is doing the diligence to acquire Quoine Corporation and Quoine Pte in Singapore.
It is worth noting that this service was one of the first commercial platforms registered with the Japanese financial regulator in 2017, which currently operates under the Liquid brand.
At the moment the terms under which the agreement was finalized are unknown, but a published report quoted the Liquid exchange over USD $1,000 million in 2019, this after having carried out its first round of financing. The expectation is that the purchase will take place between this and next month.
The relationship between FTX and Liquid
The purchase announcement by FTX in a way clarifies the panorama between both exchanges much more, and even confirms suspicions that were already held before.
Let’s keep in mind that in August 2021 Liquid was the victim of a hack that resulted in losses of more than USD $100 million. At that time FTX came to the rescue and supported the platform, providing the company with some USD $120 million to finance the debts derived from it.
Among the plans associated with the purchase, once the acquisition is complete it will be Quoine that will start integrating FTX products and services into its own platform, so FTX’s Japanese customers will now migrate to it and continue their business from there. operations. The intention is that both companies will now work together and offer their services both inside and outside of Japan.
