Global crypto derivatives exchange FTX has launched its Japanese arm, FTX Japan, to cater to the trading needs of Japanese investors.
Crypto Derivates Exchange Reaches Japan
The new crypto exchange will be operating under FTX Japan K.K., a pre-established service provider, complete with the Type 1 Financial Instruments Business license. It was formerly known as Quoine Corporation. However, when FTX acquired its parent company, Liquid Group Inc., earlier this year, the exchange was renamed FTX Japan K.K.
The Japanese branch of the crypto exchange will allow FTX to access the Japanese crypto market. The exchange brings a variety of industry-leading products and services, like spot trading and perpetuals, which are bound to draw in Japanese investors. The cryptocurrencies offered in the exchange also consist of a wide range, like BTC, ETH, SOL, FTT, etc.
Another factor in favor of the exchange will be the quick and easy deposit and withdrawal system, which now supports the Japanese currency, the Yen, for local customers.
CEO Undeterred By Heavy Regulations
FTX CEO Sam Bankman-Fried, who is acting as the Interim CEO of the Japanese branch, discussed the company’s goals in alignment with the launch of the new branch, saying,
“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.”
He also noted the challenges of the highly regulated Japanese market. However, he claims that the potential crypto market size is almost $1 trillion, incentivizing the FTX team to approach the country’s digital asset ecosystem through FTX Japan.
FTX’s Recent Initiatives
Instead of focusing on a sole aspect of the industry, like trading, FTX has been putting its fingers in multiple jars in the Web3 space. For example, recently, it was announced that FTX.US was entering the traditional finance (TradFi) space by launching FTX Stocks, a stock-trading service facilitated by fiat-backed stablecoins to help attract traditional investors and financial institutions to the crypto space.
In another instance, the FTX Foundation, which is a non-profit organization funded by FTX, announced the launch of the Futures Fund to distribute a minimum of $100 million towards projects developing artificial intelligence, reducing catastrophic biorisk, improving institutions, economic growth, great power relations, effective altruism and more.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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