Crypto Exchange FTX starts in Japan after domestic acquisition
Crypto Exchange FTX starts in Japan after domestic acquisition
- ftx can now operate the Japanese crypto market, which has a potential size of around $ 1 trillion, said CEO Sam Bankman-Fried
- The stock exchange will offer both cash and derivative products thanks to its type 1 business license for financial instruments
The cryptocurrency exchange FTX expanded its presence to Japan after taking over a regulated domestic marketplace at the beginning of this year.
In February, FTX acquired the Fintech company Liquid Group and its subsidiaries based in Japan, giving the company access to the type 1 business license for financial instruments.
The company that was previously known as the quoine corporation that operates the Liquid crypto exchange was renamed FTX Japan KK, according to an explanation on Thursday. The stock exchange with headquarters in Tokyo is supposed to offer Japanese customers a platform for spot and derivative trade.
ftx-always hungry for more business-continues to devour crypto and blockchain companies while trying to position itself as an outstanding marketplace for crypto trading.
Last year, the stock market's US arm bought the crypto derivative platform LedGerx to get Ledger's license to offer Bitcoin partiality contracts. In 2020 the stock exchange acquired the mobile news and portfolio tracking app blockfolio before simply renaming it a year later.
The latest takeover made it possible to take over the status of Liquid as the existing licensed Japanese provider of crypto-asset exchange endowers, which according to Sam Bankman-Fried, CEO of FTX, was of crucial importance for the expansion of the stock exchange.
"The takeover not only gives us a technological advantage, but also enables us to work directly with the Japanese supervisory authorities in transparent, constructive and positive way," said Bankman-Fried in the explanation.
In January, FTX collected an additional $ 400 million of financial resources on series-C topping up in order to expand its services and acquisitions to international markets and to enable him to acquire licenses from domestic companies.
Japan's “strongly regulated market” for crypto trade has a potential size of $ 1 trillion, Bankman-Fried said and added that his company would now be able to operate the domestic market in both permanent and in the KassaSandel.
"We look forward to further revolutionizing the Japanese ecosystem for digital assets through FTX Japan," he said.
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The contribution Crypto Exchange FTX starts in Japan after domestic acquisition is not a financial advice.
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