FTX is acquiring Japanese crypto exchange Liquid

Crypto exchange FTX is set to acquire Japan’s Liquid Group and its operating subsidiaries, one of which runs a licensed crypto exchange in the country.

Liquid Group announced the news on Wednesday, saying that FTX is acquiring Quoine Corporation and Quoine Pte. in Singapore. Quoine was one of the first crypto exchanges registered by Japan’s financial regulator in 2017 and operates under the Liquid brand.

The terms of the deal weren’t disclosed, but Liquid was valued at more than $1 billion in its first investment round in 2019. The deal is expected to close next month, subject to customary closing conditions.

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Once the acquisition is completed, Quoine will start integrating FTX’s products and services into its own platform, and FTX’s existing Japanese customers will be migrated to Quoine’s platform.

FTX and Liquid expect to work together to serve retail and institutional customers in Japan and globally.

This is a breaking story and will be updated…

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