Liquid Global exchange, the latest hack victim, which lost more than $80 million worth of assets due to a security breach, has successfully secured a loan of $120 million from the FTX Trading platform. This was contained in an announcement made earlier today by the crypto exchange.
According to the announcement, the said funds would be used to improve the exchange’s balance sheet and it would also contribute to its licensing opportunities in Japan and Singapore. The funds would also be used to generate new capital, increase liquidity, plus achieve improved customer support.
Sam Bankman-Fried, the CEO and founder FTX said that the new funding indicated how passionate the two exchanges are about pushing crypto adoption mainstream. In his words, “this opportunity with Liquid allows both organizations to strengthen and reinforce the belief that regulation in crypto and knowing your customer is an important part of the future of our industry.”
You will recall that Liquid exchange suffered a security breach last week which led to the loss of around $90 million worth of digital assets. The exchange has, however, reassured its teeming users that they wouldn’t suffer any loss and it would keep working to restore its services for them. Its current partnership with FTX could be one of the numerous ways the exchange is working towards restoring confidence in it.