As such, FTX y Liquid They have already had experience of working together in the past, as the US exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. helped its Japanese counterpart when it was the victim of a hack in which it lost some $100 million.
The US-based international exchange led by Sam Bankman-Fried, FTX, announced plans to acquire the Japanese company Liquid Group, responsible for the exchange Liquid, which has the respective licenses to operate within the Asian country.
FTX will buy from Liquid
The news was revealed by the Liquid Group through a publication in his official blog today, where he informed that the exchange FTX is doing the diligences to acquire to Quoine Corporation y a Quoine Pte in Singapore. It is worth noting that this service was one of the first commercial platforms registered with Japan’s financial regulator in 2017, which currently operates under the brand name of Liquid.
The terms under which the deal was struck are unknown at this time, but a published report quoted the exchange as saying Liquid about USD $1 billion in 2019, this after having made its first round of financing. The expectation is that the purchase will be completed between this and next month.
The relationship between FTX y Liquid
The announcement of purchase by FTX in a way clarify much more the picture between the two exchanges, and even confirms suspicions that were already held before.
Let’s keep in mind that in August of 2021 Liquid was the victim of a hack that resulted in losses in excess of $100 million. At the time FTX came to the rescue and supported the platform, providing the company with some $120 million to finance the resulting debts.
Among the plans associated with the purchase, once the acquisition is complete will be Quoine which begins to integrate the products and services of FTX on its own platform, so the Japanese customers of the FTX will now migrate to it and continue their operations from there. The intention is that both companies will now work together and offer their services both inside and outside Japan.
Expansion plans for FTX
The acquisition of Liquid is also part of the expansion plans that the team has been carrying out in the last few years. FTX in recent years. Both the exchange and FTX US have been acquiring companies, highlighting cases such as LedgerX y Blockfolio.
In this regard, Bankman-Fried revealed that the plan is to eventually acquire large-caliber financial institutions such as CME Group y Goldman Sachs. However, these ambitious plans are contemplated for after FTX outperform other competitors in the industry such as Coinbase is an American company that operates a cryptocurrency exchange platform. y Binance.
Let’s keep in mind that recently FTX conducted a Series C funding round in which it raised about $400 million, leaving its overall valuation at about $32 billion. For its part, FTX US is trading at about $8 billion after its first round of funding, which raised about $400 million.
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Version by Angel Di Matteo / DiarioBitcoin
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