The Japanese cryptocurrency exchange Liquid raised $120 million in debt financing from the operator of the crypto-derivatives platform FTX.
We are thrilled to announce @Liquid_Global and @FTX_Official announced today the closing of a US$120,000,000 debt financing, and the start of a good faith discussions in pursuit of further collaborative opportunities. 🤝
For more information➡️ https://t.co/J7Fxl1p85b
— Liquid Global Official (@Liquid_Global) August 26, 2021
The companies expressed interest in pursuing new opportunities for cooperation, according to the press release.
“FTX’s support will accelerate the implementation of the roadmap for introducing new products in Japan and Singapore,” commented Seth Melamed, COO of Liquid Group.
The financing will provide Liquid with critical liquidity to meet regulatory requirements.
Through its subsidiary Quoine Corporation, the Bitcoin exchange obtained a license under Japan’s Payment Services Act.
Another affiliated company, Quoine Pte, filed an application with the Monetary Authority of Singapore for approval to operate, under the Payment Services Act of that country. Under the current rules, Liquid may provide services until the regulator’s decision.
In August, Liquid reported a breach of hot wallets.
Subsequently, $20 million of the stolen $97 million (per Elliptic’s estimates) in digital assets was sent by the hacker sent to the Tornado Cash mixer. This was followed by a reaction from centralized exchanges to his actions.
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