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Liquid Closes US$120,000,000 Debt Financing from FTX
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Liquid Group Inc. (“Liquid”), a cryptocurrency-fiat exchange, and FTX Trading Ltd (“FTX”), owner and operator of FTX.COM, a cryptocurrency exchange, announced today the closing of a US$120,000,000 debt financing, and that they have entered good faith discussions in pursuit of further collaborative opportunities.
Combining Liquid’s regulatory framework with FTX’s sophisticated financial expertise, the parties hope to achieve exponential growth and success to best serve the crypto ecosystem.
"We are encouraged by the support of FTX & look forward to accelerating Liquid's roadmap of initiatives to bring innovative products in the markets we serve in Japan and the world. We could not be more excited to explore opportunities to leverage FTX's expertise in trading platforms with Liquid's experience working within the regulatory frameworks in Singapore and Japan. By collaborating with FTX, we see enormous opportunities to drive innovation and change the future of finance with blockchain technology." - Seth Melamed, COO of Liquid Group Inc.
FTX exchange offers innovative products, including industry-first derivatives, options, volatility products, and leveraged tokens.
Liquid, through its Japanese operating entity, Quoine Corporation, was one of the first exchanges to be granted a crypto asset exchange operator license under Japan’s Payment Services Act. As a regulated exchange in Japan, we adhere to the strict safety standards set by the Japan Financial Services Agency.
Additionally, Liquid’s Singapore operating entity, Quoine Pte. Ltd. has applied to the Monetary Authority of Singapore (“MAS”) for a license under Singapore’s Payment Services Act ("PS Act"). Quoine Pte. Ltd. is exempt from holding a license under the PS Act pending review of its application by MAS.
"This opportunity with Liquid allows both organisations to strengthen and reinforce the belief that regulation in crypto and knowing your customer is an important part of the future of our industry. FTX's culture of building desirable products with a sense of urgency combined will also add to the innovative opportunities that this collaboration offers." - Sam Bankman-Fried, Founder and CEO of FTX Trading Ltd.
The new funds come at an important point in Liquid’s development and will strengthen its capital position, thereby accelerating new capital generation projects and providing critical liquidity, which underpins its commitment to premier customer support and regional leadership in the blockchain industry. The financing will also improve Liquid’s balance sheet and, in turn, its key regulatory metrics, which further corroborates its ongoing licensing opportunities in the key jurisdictions of Japan and Singapore.
Liquid is grateful for the vote of confidence from FTX and the valuable support of its users as it continues in its mission to serve the growth of blockchain-based financial services in a compliant manner.