Moshi Moshi, Japan! FTX explores Japanese shores

Sahana Kiran
Source – Unsplash

The interest and demand for cryptocurrencies have been on an upward trajectory. Adhering to this, exchanges like FTX, Binance, Coinbase, and others have been veering into all parts of the globe. More recently, FTX announced that it would make its debut in Japan.

The cryptocurrency exchange was reportedly exploring the Japanese crypto market with FTX Japan. The Sam Bankman-Fried-led platform had previously been acquired by Liquid Group, a fintech firm based in Japan. All of the firm’s subsidiaries were also bought by the crypto exchange. This further paved the way for the exchange into garnering a Type 1 Financial Instruments Business license.

Once the acquisition came through, Liquid Group’s Quoine Corporation was named FTX Japan K.K.

Here’s what FTX’s Japanese wing would look like

The crypto exchange would reportedly provide its Japanese users with both, spot as well as derivatives trading options. Local customers would be able to access a wide range of cryptocurrencies like Bitcoin [BTC], Ethereum [ETH], Solana [SOL], and others with the Japanese Yen. The cryptocurrency exchanges also support fast deposits and withdrawals of the country’s fiat.

While the team is still being set up at FTX Japan, Bankman-Fried would act as the interim CEO of the Japan wing. Elaborating on the exchange’s new venture Bankman-Fried said,

“Japan is a highly regulated market with a potential market size of almost $1 trillion when it comes to cryptocurrency trading. 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. We look forward to further revolutionizing the Japanese digital asset ecosystem through FTX Japan.”

Headquartered in Tokyo, the exchange’s entry into the Japanese market would further boost the adoption of crypto.

Regulators certainly play a vital role in today’s crypto market. Therefore, Bankman-Fried noted that FTX’s latest acquisition would allow the exchange to work close to the Japanese regulators transparently and positively.