The world’s second largest crypto currency exchange platform, FTX, has announced the launch of its new trading service in Japan, named “FTX Japan”.
This announcement follows the acquisition of Japanese fintech company “Liquid Group” and its subsidiaries, by FTX in March 2022. The agreement gave the exchange access to the company’s “Type 1 financial instruments business license”.
As part of the acquisition, FTX renamed the subsidiary “Quoine Corporation,” one of the first licensed crypto trading platforms in Japan, to “FTX Japan K.K.”
“The acquisition not only gives us a technological advantage, but also allows us to work directly with Japanese regulators in a transparent, constructive and positive manner.”said FTX CEO
FTX Japan will offer users located in Japan, both traders and investors, many advanced products and services, such as the SPOT market, perpetuals, along with a wide range of digital assets, such as BTC, ETH, SOL, FTT and many others.
In addition, investors will also have the ability to make quick deposits and withdrawals in Japanese yen, the official currency of Japan.
“With the launch of FTX Japan, we will be able to bring additional products to this market, such as our perpetuals and spot crypto trading.”said FTX CEO
Sam Bankman-Fried, FTX’s CEO and acting managing director of “FTX Japan”, believes it is critical to provide investors around the world with access to the crypto markets “through a regulated entity”:
“The completion of this acquisition earlier this year is a key step in achieving our goal of providing a global investor base with access to digital asset markets through a regulated entity.”said Sam Bankman
FTX platform continues to grow worldwide
The stock market value of the FTX exchange continues to grow by the day. Indeed, the company is now worth more than $32 billion. This is a remarkable development when you consider that it was worth no more than 8 billion in January 2021.
According to FTX’s CEO, Japan’s “highly regulated” crypto market has a financial potential of over $1 billion. A sizable chunk that FTX certainly doesn’t intend to leave to other leaders in this industry.
Japan is known to be one of the most crypto-friendly countries on the Asian continent. Indeed, most of its regulators recognize Bitcoin “as a type of money and legal property.” Because of this, the expansion of the FTX giant on Japanese soil can only be beneficial in forging a sustainable future, but more importantly, profitable for crypto currency investors.