Cryptocurrency exchange FTX to acquire Liquid to expand Asia footprint

In an effort to beef up its Asia expansion, digital asset exchange FTX agreed to acquire Japanese rival Liquid for an undisclosed sum, according to the company's blog post. The deal is expected to close on March. Specifically, FTX will buy all of Liquid's operating subsidiaries, including Quoine and its Singapore-based unit, the company noted. Founded in 2014, Quoine was one of the first crypto exchanges to be registered by the FSA in Japan in 2017. Upon closing of the acquisition, 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 company said. Additionally, FTX agreed with Liquid to provide its existing Japanese users with services, and will transfer those users to Quoine, with effect from March 30. In mid-January, FTX Trading formed a $2B venture fund for crypto startups.