Singapore-based Liquid Group announced through its recent post about getting acquired by FTX Trading LTD. FTX Trading Ltd. is a centralized crypto derivative exchange, built by the traders, for the traders. The company gives “derivative products as well as spot trading” and is one of the largest digital currency exchanges. Currently, FTX offers a wide range of trading products such as derivatives, options, volatility, and leveraged tokens.
Liquid, founded in 2014, is one of the world’s largest crypto exchanges. It has operating subsidiaries like Quoine Corporation in Japan, Quoine Pte. in Singapore. Erstwhile, Quoine was the first exchange platform to be registered by Japan Services Agency in 2017. As per CoinMarketCap report, Liquid reports $84 billion as its 24-hour trading volume.
It is expected that the acquisition process of all subsidiaries which includes Quoine Corporation, will be completed by March 2022. Further to this, Quoine might merge FTX’s products and services with their other offerings. After the complete acquisition, all the FTX’s existing Japanese customers will be migrated to Quoine’s exchange platform. FTX to provide its Asian customers all the services adhering to Japanese Crypto Exchange Laws from March 30, 2022, onwards.
A week ago, FTX achieved a valuation of $32 billion, after closing a Series C funding round by $400 million for global expansion. FTX is entering the crypto Asian market when the race is already speeding up. As per CNBC reports, Bankman-Fried is focusing to attain licenses of establishment in several countries.
Last year, the company lost funds of $90 million due to a cybercriminal attack. Just after which, FTX lent Liquid $120 million in debt financing. Back then, Liquid used the funds to ‘strengthen its capital position’ in the market and also agreed to ‘further collaboration’.
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