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FTX Buys Crypto Exchange Liquid Group for Expansion in Japan

The deal announcement follows FTX closing a $400 million round at a $32 billion valuation.

By Eliza Gkritsi

Updated May 11, 2023, 5:55 p.m. Published Feb 2, 2022, 9:11 a.m.

FTX acquired Japanese crypto exchange Liquid Group to serve Japanese customers through its new subsidiary.

The deal is expected to close in March, according to a press release on Wednesday.
The companies did not disclose the acquisition value. In April 2019, Liquid's valuation was over $1 billion.
FTX also acquired Quoine, one of 30 exchanges registered with Japan's Financial Service Agency (FSA), which holds a Type I Financial Instruments Business license for trading securities and derivatives.
FTX and Liquid Group did not respond to request for comment.
The Japanese exchange lost over $90 million in a hack in August 2021, after which FTX gave it a $120 million loan.
FTX will integrate its products and transfer all existing Japanese users to Liquid. The user transfer will take effect on March 30.
On Monday, FTX announced it closed a $400 million Series C round at a $32 billion valuation.
On Tuesday, crypto finance unicorn Amber Group announced the acquisition of DeCurret, another exchange registered with the FSA, to tap into the Japanese market.

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Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI, having previously covered mining for two years. She previously worked at TechNode in Shanghai and has graduated from the London School of Economics, Fudan University, and the University of York. She owns 25 WLD. She tweets as @egreechee.