In a significant development in the crypto sector, BitFlyer Holdings successfully traded the acquisition of FTX Japan, the local subsidiary of the bankrupt crypto exchange FTX. The move is poised to reshape the digital asset trading landscape in Japan, leveraging BitFlyer’s established reputation and FTX Japan’s existing infrastructure.
BitFlyer enters into agreement to acquire FTX Japan, strengthening its market position
On June 20, BitFlyer announced via its social media platform X (formerly Twitter) that it had entered into a definitive agreement to acquire 100% of the shares of FTX Japan. This acquisition, subject to approval by the US Bankruptcy Court, underlines the company’s commitment to improving its service offering and expanding its presence in the “Land of the Rising Sun”.
【FTX Japan 買収合意について】
bitFlyer Holdings and FTX Japan are 100% worth and worth 100%.
The bitFlyer Holdings company has published a report on the current situation.
グループ間のシナジーを活かした新たなサービスを展開してまいります.https://t.co/qnaGy7u2Q3 pic.twitter.com/NI9w7YwFss– bitFlyer（ビットフライヤー） (@bitFlyer) June 20, 2024
BitFlyer, founded in January 2014, has become a pioneering force in the Japanese crypto industry and has been recognized by Forbes as the country’s most trusted digital asset exchange. The acquisition of FTX Japan marks a strategic expansion for the company, consolidating its market position and potentially opening new avenues for growth and innovation.
BTCUSD trading at $64,495 on the daily chart: TradingView.com
The financial details surrounding the acquisition have been closely watched, with local media suggesting a transaction valued at several billion yen, reflecting the significant scale and impact of the deal within the industry. Completion of the acquisition process will see FTX Japan become a wholly owned subsidiary of BitFlyer Holdings, integrating its operations and customer base under the BitFlyer brand.
Just-In: BitFlyer Exchange plans to acquire FTX Japan https://t.co/W00Wq9XkmB
– Crypto Mak (@crypto__mak) June 20, 2024
FTX Japan set to rebrand as “New Custodial Association”
As part of its post-acquisition strategic vision, BitFlyer plans to rebrand FTX Japan under a new entity name, tentatively called “Custody New Association”. This rebranding initiative aims to streamline operations and closely align the subsidiary with its overall business strategy. The transition will involve the registration of the new entity and the transfer of customer accounts to BitFlyer Co., Ltd., ensuring a seamless experience for existing and future customers.
Looking ahead, BitFlyer intends to capitalize on the synergies between the two platforms to innovate and develop new services adapted to evolving market demands. One of the areas of focus includes expanding crypto custody services, improving security protocols, and exploring the potential introduction of spot asset ETFs, pending developments in the regulations in Japan.
Featured image from Celebrity Cruises, chart from TradingView
