Should you buy FTT after FTX acquired Japan’s FCA-licensed crypto exchange Liquid?
- The CEO of crypto exchange FTX announced that FTX acquired the Japanese crypto firm Liquid Group.
- As part of this deal, FTX will acquire Quoine Corporation.
- FTX's Japanese users will be moved to Quoine's trading platform.
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The FTX Token FTT/USD is the native cryptocurrency used on FTX, which is an international crypto derivatives exchange.
If a user holds FTX tokens, they can get lower trading fees as well as access to many perks on the FTX exchange. The token can even be used as collateral to trade derivatives.
The Liquid Group acquisition as a catalyst for growth
Through an official announcement by the CEO of the crypto exchange FTX, FTX Sam Bankman-Fried, on Twitter, we saw and covered how FTX acquired the Japanese crypto firm Liquid Group.
As a part of this deal, FTX will essentially acquire Quoine Corporation, a Financial Services Agency (FSA)-approved crypto exchange.
Through this announcement, the partnership will serve both retail as well as institutional investors in the Japanese and global markets.
This is an agreement that also requires FTX to comply with Japanese laws, all whilst serving the existing customers on this platform.
FTX will transfer its existing users from Japan to Quoine’s trading platform starting on March 30.
Should you buy FTX Token (FTT)
On February 3, 2022, FTX Token (FTT) had a value of $42.310.
To get a better perspective as to what this value point actually means for the FTT cryptocurrency token, we will be going over its all-time high value, alongside its performance throughout the previous month.
The all-time high value of the FTX Token (FTT) was on September 9, 2021, when the token reached a value of $84.18. This means that at its ATH point, the token was higher in value by $41.87 or by 99%.
When we go over the performance of the FTX Token (FTT) token in January, we can see that its highest point was on January 20, when it reached a value of $49.67.
However, the token’s lowest value point was on January 24, when it decreased to a value of $31.97.
This gives us an indication that from the span of January 20 to January 24, the token decreased in value by 35% or by $17.7.
However, from January 24 to February 3, the token saw an increase in value of $10.34 or by 32%.
With that in mind, FTX Token (FTT) is a solid buy as it can reach $50 by the end of March 2022.