It’s just been revealed that FTX launched a new crypto service platform in Japan. Check out the latest news about this below.
Crypto adoption boom in Japan
It’s been just revealed that the crypto exchange giant FTX has launched its Japanese crypto trading service called FTX Japan, the company announced on Thursday.
According to the latest reports coming from the online publication the Block Crypto, FTX Japan is the result of FTX’s prior acquisition of Liquid Group in February.
The same reports note that Liquid was the parent company of Quoine Corp., one of the first crypto exchange platforms licensed in Japan in 2017.
According to the notes, the launch of the platform means that FTX will be able to migrate its existing customer base in Japan under the FTX Japan umbrella for crypto spot and perpetual contracts trading.
These supported cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), among others.
Customers can make withdrawals and deposits
Customers will also be able to make deposits and withdrawals using the Japanese yen.
The announcement marked Japan as the latest entry in FTX’s global expansion push.
“Japan remains one of the most tightly-regulated jurisdictions for crypto trading and was one of the first to create a formal licensing framework for exchanges,” according to the online publication mentioned above.
FTX was the second-largest centralized crypto exchange in May, as previously reported by The Block.
The same publication mentioned above notes that Sam Bankman-Fried, the company’s CEO, has stated plans to spend billions of US dollars on further acquisitions.
Binance in the news
Not too long ago, we also revealed that the largest crypto exchange by volume launches a new $500 million investment fund in order to boost the adoption of crypto assets and blockchain technology.
As per the Daily Hodl, according to a company blog post, the fund aims to invest in projects that expand the use cases of digital assets as well as further the adoption and innovation of Web 3.0 technologies.