FTX will purchase a Japanese Exchange: to expand In Asia

• On Wednesday, popular cryptocurrency exchange FTX announced the purchase of Liquid Group, a Japanese rival.

• Sam Bankman-Fried aspires to buy Goldman Sachs and CME Group, two conventional financial behemoths, one day.

• According to a press statement from Liquid, the transaction will be finalized by March 2022 if all essential conditions are reached.

Strategy of  Expansion 

According to a business blog post, digital asset exchange FTX has chosen to buy Japanese competitor Liquid for an undisclosed price in order to accelerate its Asian expansion.

FTX has trying to expand as the Asian crypto business gets increasingly competitive. According to CEO Sam Bankman-Fried, securing licenses in numerous countries is a primary goal for his organization.

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On, the company announced that it has agreed to purchase Liquid and all of its subsidiary companies, including Quoine Corporation and its Singapore-based subsidiary. Quoine was among the first cryptocurrency exchanges to register with Japan’s Financial Services Agency in 2017.

The liquid was founded in the year 2014. CNBC reports that it is one of the world’s top cryptocurrency exchanges, with daily transaction volumes exceeding $70 million. 

Liquid has positioned itself as a leading fintech company. Its holdings include Vietnam, Japan, and Singapore. In 2019, its yearly trading volume was over $60 billion.

FTX is already aware of liquid. In August, Liquid was hacked for around $100 million, and FTX committed $120 million in loan finance.

Furthermore, the company negotiated with Liquid to continue providing services to its existing Japanese customers until transitioning to Quoine on March 30.

Sam Bankman-Fried aspires to buy Goldman

FTX, which was launched in May 2019, has a market capitalization of $32 billion. One of its purchases was a $150 million purchase of the bitcoin portfolio management platform Blockfolio.

SoftBank has to lead a $400 million funding round in FTX, increasing the company’s valuation to $32 billion. As a result, it is one of the most valuable and rapidly developing businesses in the cryptocurrency sector.

Sam Bankman-Fried aspires to buy Goldman Sachs and CME Group, two conventional financial behemoths, one day. He recently told The Financial Times that purchasing Goldman Sachs and CME is a real possibility once the business overcomes rivals Coinbase and Binance.

Mergers and acquisitions (M&A) are on the increase in the crypto industry. Crypto firms bought 201 businesses last year, compared to 85 in 2020. Last year, the value of bitcoin mergers and acquisitions hit $6 billion, according to The Block Research.