FTX officially launched its exchange in Japan after acquiring local company Liquid Group in February.
Cryptocurrency exchange FTX has expanded its presence into Japan after acquiring a regulated domestic market earlier this year.
In February, the exchange acquired Japan-based fintech firm Liquid Group and its subsidiaries, granting access to the company’s Class 1 Financial Instruments Business license.
Formerly known as Quoine Group operates cryptocurrency exchange Liquid, the company has been renamed FTX Japan K.K, according to a statement Thursday. The Tokyo-headquartered exchange is expected to offer Japanese customers a platform for spot and derivatives trading.
FTX is always hungry for more business – continuing to acquire crypto and blockchain companies as it seeks to position itself as the preeminent market for crypto trading.
Last year, the U.S. arm of the exchange purchased crypto derivatives platform LedgerX to obtain Ledger’s license to offer Bitcoin fractional derivatives contracts. In 2020, the exchange acquired the mobile news and portfolio tracking app Blockfolio before changing its name to FTX a year later.
Its most recent acquisition allowed FTX to relinquish Liquid’s position as an existing licensed crypto-asset exchange provider in a major move towards expansion of the exchange in the country, said FTX CEO Sam Bankman-Fried. Bankman said in the statement:
“The acquisition not only gives us a technological advantage, but also allows us to work directly with Japanese regulators in a transparent, constructive and positive manner.”
In January, FTX obtained an additional $400 million in funding through a Series C raise aimed at expanding its services and acquisitions into international markets, allowing it to obtain licenses from regulatory agencies and domestic companies.
Japan’s “strictly regulated market” for cryptocurrency trading has a potential size of $1 trillion. Bankman-Fried adds that his company can now serve the domestic market with both perpetual and spot trading.
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