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FTX acquires Liquid Group to expand into Japan

Updated: Jul 25, 2024
Published: Feb 2, 2022
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FTX has acquired the Japanese crypto exchange Liquid Group to serve Japanese customers through its new subsidiary.

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FTX is acquiring Liquid

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 the Japanese Financial Supervisory Authority in 2017 and operate under the Liquid brand. The companies have not disclosed the value of the acquisition, but as of April 2019, Liquid's valuation was over $1 billion.

FTX is already familiar with Liquid. Last August, Liquid was hacked for nearly $100 million, and FTX provided $120 million in debt financing. FTX will integrate its products and transfer all existing Japanese users to Liquid. The transfer of users will take effect on March 30, 2022.

FTX has been buying up companies recently

Both FTX and FTX US have been buying companies recently. In August 2020, FTX acquired crypto portfolio management app Blockfolio for $150 million. FTX US recently acquired crypto derivatives exchange LedgerX. FTX CEO Sam Bankman-Fried even recently explained in the Financial Times that once FTX has overtaken competitors Coinbase and Binance, acquiring Goldman and CME is by no means out of the question.

Both companies also recently raised money in a financing round. FTX announced that it raised $400 million in a Series C funding round and is now valued at $32 billion. Participants in FTX's funding round included SoftBank, Paradigm, Tiger Global and Ontario Teachers' Pension Plan Board. Last week, FTX's U.S. subsidiary, FTX US, also raised $400 million in its first-ever funding round and is now valued at $8 billion.

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