FTX Trading Ltd.(FTX), a Bahamas-based cryptocurrency exchange, announced Thursday that it has launched FTX Japan to service Japanese customers.

FTX Japan, operating via FTX Japan K.K. (FTX Japan), is a licensed Japanese crypto-asset exchange services provider and Type 1 Financial Instruments Business license holder, FTX said in statement.

Formerly known as Quoine Corporation, FTX Japan K.K. was renamed following the acquisition of its parent company, Liquid Group Inc., by FTX earlier this year.

“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,” said Sam Bankman-Fried, Chief Executive Officer of FTX and currently serving as Interim Chief Executive Officer of FTX Japan.

The launch of FTX Japan will allow FTX to provide the Japanese crypto community with industry-leading products and services, including spot trading and perpetuals for a wide range of digital assets such as BTC, ETH, SOL, FTT, and more. FTX Japan also supports fast deposits and withdrawals of Japanese Yen for local customers.

“Japan is a highly regulated market with a potential market size of almost $1 trillion when it comes to cryptocurrency trading. With the launch of FTX Japan, we will be able to bring additional products to this market, such as our perpetuals and spot crypto trading. We look forward to further revolutionizing the Japanese digital asset ecosystem through FTX Japan,” said Bankman-Fried.

In October last year, FTX announced the closing of a $420.69 million Series B-1 fundraise, increasing the valuation of the company to $25 billion.

The round saw the participation of 69 investors, including Ontario Teachers’ Pension Plan Board, via its Teachers’ Innovation Platform, Temasek, Sequoia Capital, Sea Capital, IVP, ICONIQ Growth, Tiger Global, Ribbit Capital, Lightspeed Venture Partners, and funds and accounts managed by BlackRock.

The company also disclosed that in addition to the B-1 fundraise, Temasek had participated in the previously announced Series B and updated the total amount of that raise from $900 million to $1 billion.

Founded in May 2019, FTX is a cryptocurrency exchange built by traders, for traders. It offers innovative products, including industry-leading derivatives, options and volatility products, tokenized stocks, prediction markets, leveraged tokens, and an OTC desk. The company strives to be an intuitive yet powerful platform for all kinds of users and to be the most innovative exchange in the industry.

Cryptocurrency exchange platform FTX Trading closes $420M Series B-1 funding round, now valued at $25B