FTX Acquisition of Liquid Exchange Shows That “Existing International Wire Transfer System is Fundamentally Broken”

FTX’ acquisition of Japanese Liquid, the operator of crypto exchange Quoine, which was first announced in February, was confirmed to have closed on April 4 following a slight delay.

In an email to his shareholders, Liquid CEO Mike Kayamori explained that there were “some human errors” leading to the postponement.

Kayamori added:

“[The delay] shows that the existing international wire transfer [system] is fundamentally broken and crypto (stablecoins) can solve this problem.”

The CEO also detailed that he could not yet thank his shareholders for their shareholder until now, because some of them had not received their consideration.

Liquid’s operations will be renamed to FTX Japan and FTX Singapore once it is granted a license from the Monetary Authority of Singapore.