Crypto Exchange FTX To Buy Japanese Competitor, Expanding Its Growing Reach

Cryptocurrency exchange FTX announced Wednesday that it will buy Japanese competitor Liquid Group.

Financial details about the acquisition have not been disclosed. The purchase is set to be finalized in March.

The Bahamian-based crypto exchange will also acquire fintech company Quoine, as it “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,” according to a press release.

Liquid was founded in 2014. It is one of the biggest crypto exchanges in the world, with around $70 million in day-to-day trading volumes, CNBC noted.

FTX has sought to expand in the Asian crypto market, as competition continues to grow. CEO Sam Bankman-Fried told CNBC that a priority for his company was getting access to licenses in various nations.

"Japanese customers of FTX will receive email notifications with further details on the transition and transfer described above," Liquid said in the press release.

FTX, which was founded in May 2019, is reportedly valued at $32 billion. Among its acquisitions was a $150 million deal for cryptocurrency portfolio tracking app Blockfolio.

FTX has a strong position in professional sports. It acquired the naming rights for the Miami Heat’s basketball arena in a 19-year, $135 million deal. The company also signed a global deal with International Cricket Council and also has a partnership deal with Major League Baseball. Recently retired NFL quarterback Tom Brady and his supermodel wife Gisele Bundchen both have equity stakes in FTX.