FTX Launches Crypto Service In Japan For A New Future

Juan Castro 03/08/2024 Tech News Leave a comment 81 Views

As per the latest announcements, FTX launches crypto service in Japan. This Bahamas based digital currency exchange declared on Thursday that it has released FTX Japan to service Japanese customers.

Contents hide

1 FTX Launches Crypto Service In Japan

2 FTX Launches Crypto Service: A Bit About The Exchange

3 Conclusion

FTX Launches Crypto Service In Japan

FTX Japan which is functioning through FTX Japan K.K (FTX Japan), is a licensed Japanese digital currency exchange service provider and also a Type 1 Financial instrument Business license holder, as per the statement released by FTX.

Previously known as Quoine Corporation, FTX Japan K.K was renamed following the crypto exchange acquisition of its parent firm, Liquid Group Inc., by FTX at the beginning of this year. According to Sam Bankman-Fried, CEO of FTX and presently working as Interim CEO of FTX Japan,

“Completing 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. 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.”

FTX launches crypto service in Japan and the launch will enable FTX to offer the Japanese crypto community with services and products that are leading the industry, that include spot trading and perpetual for a broad range of virtual assets like ETH, BTC, FTT, SOL, and many more. FTX Japan also supports quick deposits and withdrawals of Japanese Yen for local users. 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.”

In October 2021, FTX declared the closure of a $420.69 million Series B-1 fundraises, raising the valuation of the entity to $25 billion. The round witnessed the participation of nearly 69 investors, that include Ontario Teachers’ Pension Plan Board through its Temasek, Sequoia Capital, Teachers’ Innovation Platform, Sea Capital, IVP, Tiger Global, Ribbit Capital, ICONIQ Growth, Lightspeed Venture Partners, and accounts and funds handled by BlackRock.

The firm also disclosed that along with the B-1 fundraise, Temasek had taken part in the prior declared Series B and updated the complete amount of that raise from $900 million to $1 billion.

Established in May 2019, FTX is a digital currency exchange constructed by traders, for traders. It provides innovative elements that include industry-leading derivatives, choices and fluctuating products, tokenized stocks, leveraged tokens, prediction markets, and an OTC desk. The firm boasts to be an intuitive yet powerful channel for all types of users and to be the most innovative exchange in the sector.

FTX Launches Crypto Service: A Bit About The Exchange

FTX is a leading centralized digital currency exchange that specializes in derivatives and leveraged items. Established in 2018 and the FTX founders include an MIT graduate and former Jane Street Capital international ETF (exchange-traded funds) trader Sam Bankman-Fried, FTX provides a range of trading items that include derivatives, volatility products, options, and leveraged tokens. It also offers spot markets in more than 100 crypto trading pairs like ETH/USDT, BTC/USDT, XRP/USDT, and its native token FTT/USDT.

Conclusion

Digital currency exchange has widened its presence in Japan following its adoption of a regulated marketplace at the beginning of this week. FTX launches crypto service in Japan on Thursday. According to this company, it aims to revolutionize the Japanese digital asset mechanism via FTX exchange Japan. Another big name is added to the Japanese crypto exchange list.

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Juan Castro

Juan Castro is an Ethereum expert. He is well versed with all crypto tech news that is happening around the globe. He has been into the analysis of the Ethereum network and its working for the past 6 years. So nobody can explain the mechanism of Ethereum and other crypto technology and blockchain algorithms better than him.