Japan-headquartered crypto exchange company Liquid Group and all of its operating subsidiaries including Quoine Corporation, today announced it is being acquired by FTX Trading Ltd, a crypto asset exchange offering spot, derivatives, NFTs, and other services.
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 acquisition is expected to close in March 2022, subject to customary closing conditions being satisfied. The economic terms of the deal have not been disclosed.
Founded in 2014, Quoine was one of the first crypto exchanges to be registered by the Japan FSA in 2017. In October 2021, Quoine was granted a Type 1 Financial Instruments Business registration by the FSA and continues to offer its customers a platform for derivatives trading.
FTX + Liquid
In connection with this acquisition, FTX has also entered into an agreement with Liquid to provide its existing Japanese users with services in compliance with Japanese laws and will transfer its existing Japanese users to Quoine, with effect from March 20th, 2022.
What will happen to QASH?
In the near term, there will be no changes to Liquid.com’s native QASH token:
- Users of Liquid will benefit from a 50% reduction in trade fees when paid in QASH
- Around 50% of all trade fees are burned on a weekly basis.
- The Liquidity Pool Program will launch on February 7th, 2022. The QASH rewards distributed to liquidity providers will also be burned 1:1 basis in addition to the weekly QASH trade fee burn.
- Further announcements about QASH utility will be made in February 2022.
What will happen to Liquid Chain (LQT)?
The Liquid management team is preparing an announcement about Liquid Chain that will be shared with the community in the next couple of weeks.