FTX is acquiring Japanese crypto exchange Liquid

Quick Take

• FTX is acquiring licensed Japanese crypto exchange Liquid.
• The deal is expected to close next month.

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 haven’t been 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.

FTX is already familiar with Liquid. Last August, Liquid suffered a nearly $100-million hack, and FTX provided $120 million in debt financing.

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.

The news comes a day after FTX announced that it has raised $400 million in a Series C funding round and is now valued at $32 billion.

This is a breaking story and will be updated…

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