Crypto Exchange FTX Acquires Liquid Trading Platform


The cryptocurrency exchange FTX has acquired the Liquid Group and all of its operating subsidiaries, which include the Quoine Corporation. 

Liquid Acquired

In a blog released earlier today, crypto trading platform Liquid announced that it was being fully acquired by the crypto exchange FTX. The proceedings for the acquisition have started and is expected to be done by March 2022. As one of the first crypto exchanges to be registered by the FSA in Japan, Quoine has continued to offer its customers a platform for derivatives trading. As per the announcement, the acquisition will also bring forth an integration of FTX’s products and services into Quoine’s list of offerings. FTX’s existing Japanese customers will also be migrated to the Quoine platform, with effect from March 30, 2022. The acquisition also includes an agreement between Liquid and FTX to provide the latter’s existing Japanese users with adherence to all the compliance laws of the country. 

Both FTX Group and its CEO and founder Sam Bankman-Fried have tweeted the announcement from their official Twitter handles:

“Liquid Group and all of its operating subsidiaries are being acquired by FTX Trading Ltd. FTX and Liquid expect to work together to provide products and liquidity to clients in the Japanese and global markets.”

Launch of FTX Ventures Fund

The FTX crypto exchange has been actively working on its expansion goals for quite some time now. The results of the hard work they have put into have been showing since the beginning of the new year, with multiple funds launched to propel the growth. First, the crypto exchange announced the launch of FTX Ventures – a $2 billion venture capital fund to back different Web 3.0 projects in software, gaming, fintech, and healthcare. The initiative also witnessed the appointment of Amy Wu, a former partner at Lightspeed Venture Partners, to lead FTX Ventures. According to her statement, it is obvious that this fund will focus mainly on gaming in Web 3.0 and introducing mainstream audiences to the metaverse. 

Latest Funding Raises Valuation

The team at FTX has continued to rally, even amidst a crypto slump. On January 26, the exchange’s US affiliate – FTX.US announced that it had raised a total of $400 million externally, which raised its valuation to $8 billion. The fundraise also impacted the total valuation of the parent FTX crypto exchange as well to $32 billion. As per early information, FTX has already spent around $1 billion on acquisitions, which might include the Liquid integration. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Credit: Source link

Leave A Reply

Your email address will not be published.