FTX Continues Expansion With Launch In Japan

Twitter icon  •  Published 1년 전  •  Mark Weaden

The volatility the market is currently experiencing has had varying effects on crypto companies and investors, with some facing staff layoffs and closing deals, while others continue with expansion plans

The volatility the market is currently experiencing has had varying effects on crypto companies and investors, with some facing staff layoffs and closing deals, while others continue with expansion plans. FTX is one of those companies, recently becoming the second-biggest cryptocurrency trading platform in the world and now expanding in the Far East.

FTX announced on June 2 the plan to launch in Japan, providing access to FTX services and products to Japanese traders and investors. The platform will provide access to some of the most sort after digital assets, as well as offer fast deposits and withdrawals, including in the nation’s fiat currency the Japanese Yen. 

FTX Japan K. K.

The license granted by Japanese authorities is a ‘Type 1 Financial Instruments Business’ license, which has the business registered under the name FTX Japan K. K. The company’s CEO Sam Bankman-Fried will serve as the company’s Interim CEO of FTX Japan after FTX acquired its parent company, Liquid Group Inc., earlier this year.

Sam Bankman-Fried has been putting in a great deal of work, appearing on TV shows and weighing in with his opinion on all things crypto, which has been hugely beneficial for the FTX, recently tipping Coinbase to the second-largest crypto-trading platform by volume.

He had this to say about the Japan launch “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 mentioned the high regulatory standards of Japan and the huge potential market size for FTX, which is estimated to be around $1 trillion. He added that “We look forward to further revolutionizing the Japanese digital asset ecosystem through FTX Japan,” SBF said.

A Big Week For FTX

The week began with reports of discussions between Goldman Sachs and the derivatives platform, with the possibility of integrating one of the FTX products into Sachs trading platforms. Then, midweek we saw FTX overtake Coinbase as the second-biggest trading platform by volume, and now the expansion into Japan. 

While FTX is seeing a great deal of success amidst the bear market, Coinbase and Gemini exchanges have been making staff cuts, and rescinding job offers, with Gemini losing around 10% of it’s staff due to the bear market. All of this is no surprise, given that the crypto markets are down 57% from the all-time highs of November 2021. 

Author

Mark Weaden

Mark Weaden is a British researcher and crypto enthusiast, living in Barcelona. His work has been published on a variety of leading cryptocurrency sites.