Fresh off a US$32 billion valuation, crypto derivatives exchange FTX Trading said Wednesday it will acquire its Japanese competitor Liquid Group and all its subsidiaries.

Fast facts

  • The deal is expected to close in March, according to a Liquid release. “Following FTX’s acquisition of Liquid, Quoine will gradually integrate FTX’s products and services into its own offering, and FTX’s existing Japanese customers will be migrated to Quoine’s platform,” the statement included.
  • Liquid Group includes operating subsidiaries Quoine Corporation in Japan and Quoine Pte. in Singapore and also operates in Vietnam. Quoine was one of the first crypto asset exchangers to be registered by Japan’s Financial Services Agency, in 2017. Liquid’s 24-hour trading volume is US$84 billion, according to CoinMarketCap.
  • Quoine was granted a Type 1 Financial Instruments Business registration by the FSA in Oct. 2021, which allows it to offer derivatives trading.
  • “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!” FTX CEO Sam Bankman-Fried wrote in a tweet sharing the acquisition announcement.
  • Just one week ago, FTX attained a valuation of US$32 billion after closing a US$400 million Series C round that would allow the company to continue its global expansion. The financial terms of the Liquid acquisition were not disclosed.