Crypto Exchange FTX is acquiring a licensed Japanese cryptocurrency exchange.
Liquid Group announced the news on February 2, saying that Crypto Exchange FTX is acquiring Quoine Corporation and Quoine Pte (a Liquid subsidiary). Quoine was one of the first cryptocurrency exchanges registered under the approval of the Japanese financial regulator in 2017 and operates under the Liquid brand.
Terms of the deal have not been disclosed, but Liquid was valued at more than $1 billion in 2019. It is expected that this acquisition by Crypto Exchange FTX will close next month, subject to a number of conditions. is different.
Upon completion of the acquisition, Quoine will begin integrating FTX’s products and services into its own platform, and FTX’s existing Japanese customers will be migrated to Quoine’s platform.
Crypto Exchange FTX and Liquid expect to work together to serve institutional investors in Japan as well as globally.
Recently, Crypto Exchange FTX also announced that it raised $400 million in a Series C funding round, and the company is now valued at $32 billion.
Mergers and acquisitions (M&A) activity is rapidly increasing in the crypto space. Last year, crypto companies acquired 201 companies, up from 85 in 2020.
According to data from The Block Research, the M&A volume of crypto companies surpassed $6 billion last year. Here are the biggest crypto M&A deals, most of which happen in 2021.