American billionaire and FTX crypto exchange CEO Sam Bankman-Fried announced that his company has acquired Japanese crypto company Liquid Group and its subsidiaries.
As part of the agreement, FTX will acquire Quoine Corporation, an FSA-approved cryptocurrency exchange. As Cointelegraph previously reported, regulators in Japan granted Quoine a type 1 financial instrument business license under the Financial Instruments and Exchanges Act.
According to the announcement, the partnership will serve individual and institutional investors in the Japanese and global market:
“Quoine will progressively integrate FTX products and services into its own offerings by moving existing Japanese FTX customers to the Quoine platform.”
The agreement also requires FTX to comply with Japanese laws when serving existing Japanese users on the platform. Based on this agreement, FTX will migrate its existing users from Japan to the Quoine trading platform from March 30th.
Although the deal expires in March 2022, the financial terms of the deal have not yet been disclosed.
Related Topics: Cryptocurrency FTX US Closes $400M Funding Round Reaching $8B Valuation
Just last week, FTX US reached an $8 valuation after $400 million in funding led by SoftBank Group Corp.
As Cointelegraph reported, US FTX President Brett Harrison planned to redirect funds to expand the supply of cryptocurrency exchanges and support workforce. After several other simultaneous investments, the FTX exchange as a whole is worth $32 billion.
Despite the fears of experts about the fall of the crypto market, Bankman-Fried remains optimistic:
“I don’t think we are entering a long-term crypto winter. There have been changes in interest rate expectations that have reshaped the cryptocurrency markets. But they also change markets in general.”