FTX agrees to acquire Liquid, the bitcoin exchange

The FTX cryptocurrency-derivatives platform has agreed to acquire the Japanese cryptocurrency exchange Liquid and its subsidiaries.

FTX is pleased to announce the acquisition of the Liquid group of companies, including an FSA-registered crypto-asset exchange to provide products and services to our customers in Japan! 🇯🇵https://t.co/rO5TznWFCU

— SBF (@SBF_FTX) February 2, 2022

The deal value was not disclosed. Its closing is expected by March 2022.

In 2019, following the funding round, Liquid valued more than $1 billion.

The deal includes Singapore-based Quoine Corporation and Quoine Pte. The Liquid-brand platform Quoine was among the first recipients of the Financial Services Agency’s licensing in Japan in 2017.

Quoine will integrate FTX products and services into its own platform, and existing FTX customers in Japan will be migrated to Quoine.

Earlier in August 2021, Liquid disclosed a hot-wallet breach.

Subsequently, $20 million of the $97 million stolen in digital assets (per Elliptic) was sent to the Tornado Cash mixer by the hacker sent. This was followed by a response from centralized exchanges to his actions.

A week after the incident, Liquid raised $120 million as a loan from the operator of the cryptocurrency-derivatives platform FTX.

In October 2021, the Japan Financial Services Agency license to trade financial instruments was obtained by QUOINE Corporation.

In January 2022, FTX was valued at $32 billion.

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