Sam Bankman-Fried, the American billionaire and CEO of crypto exchange FTX, has announced the acquisition of Japanese crypto firm Liquid Group and its subsidiaries by his company.
FTX will purchase Quoine Corporation, a crypto exchange that acquired approval from the Financial Services Agency (FSA). Quoine was granted a Type I Financial Instruments Business licence by the Japanese regulatory authorities under the Financial Instruments and Exchange Act, as previously reported.
The cooperation will assist individual and institutional investors in Japanese and global markets, according to the announcement:
“FTX’s goods and services will go through gradual integration into Quoine’s portfolio. And FTX’s existing Japanese clients to move to Quoine’s platform.”
FTX must also follow Japanese regulations when serving existing Japanese users on its platform under the terms of the agreement. As a result of this deal, FTX will begin transferring its existing Japanese users to Quoine’s trading platform on March 30.
While the sale slated to finalise in March 2022, the financial details have yet to be available.
Following a $400 million fundraising round spearheaded by SoftBank Group Corp only last week, FTX US was valued at $8.
According to reports, FTX US president Brett Harrison intended to use the funds. In order to expand the cryptocurrency exchange’s offerings and staff. The FTX exchange as a whole is at the value of $32 billion after multiple other concurrent investments.
Despite analysts’ concerns about the crypto market’s decline, Bankman-Fried remains optimistic:
“I don’t believe we’re about to face a long-term crypto winter”. Interest rate expectations have shifted, which has influenced cryptocurrency markets. But it’s also affecting markets in a broader sense.”