FTX considers acquiring the Japanese fintech liquid group company and it will integrate the offerings into the ecosystem as we can see further in our latest crypto news.
Sam Bankman Friends FTX considers acquiring a Japanese Fintech Liquid Group company and all of its operating subsidiaries. Among them is Quoine Corporation one of the biggest asset trading venues in Japan. According to the recent blog post, the deal should be finalized in March this year as the regulators will take the closing conditions into account and upon completion, the Bahamian-based FTX will own Quoine and will spread services on Japanese soil. Established in 2014 the latter is among the first exchange to receive approval from the FSA and operate in the country. Quoine will integrate FTX’s product and services into the offerings and at the same time, existing Japanese customers of Bankman Fried’s company will migrate to the Quoine ecosystem and FTX inked a deal to provide the clients in Japan with services in compliance with the local laws.
Users will receive email notifications about the transitions and both parties are expected to work together and provide products and liquidity to retail and institutional investors in Japan and the global markets with the economic terms as well as the amount of the acquisition not being disclosed. FTX and Liquid Group are familiar with each other and the hackers drained more than $90 million worth of crypto from the Japanese organization. FTX then transferred a loan of $120 million that aimed to stabilize the Liquid Group after the attack as the COO Seth Melamed said:
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“By collaborating with FTX, we see enormous opportunities to drive innovation and change the future of finance with blockchain technology.”
The crypto platform which experienced huge growth last year continued the streak in 2022. last month it set up a $2 billion venture fund and invested in new projects. Towards the end of January, FTX US raised $400 million in funding led by Softbank Group and Temasek Holdings and the company’s total valuation grew to $8 billion. The global exchange also closed $400 million in fresh financing and increased its value to $32 billion.
As recently reported, FTX US is valued at $8 billion after a $400 million Series A. The US branch of the exchange aims to expand its derivatives offerings to add stock trading and provide NFT game infrastructure. FTX US is the United States branch of the exchange and announced today that it raised $400 million Series A funding at a valuation of $8 billion.
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