bitFlyer Holdings Acquires FTX Japan Subsidiary
bitFlyer Holdings has successfully completed the acquisition of the Japanese subsidiary of the shuttered cryptocurrency exchange FTX, as confirmed in a recent tweet. The acquisition was finalized on July 26, with bitFlyer Holdings now owning 100% of the outstanding shares of FTX Japan, making it a wholly-owned subsidiary of the company.
Transition to Cryptocurrency Custody Business
In line with the acquisition, bitFlyer Holdings plans to rebrand the company by August 26 and launch a new cryptocurrency custody business. The company highlights that its internally developed wallet technology will play a crucial role in this new venture, ensuring secure and efficient custody services for clients.
Future Plans and Industry Outlook
Looking ahead, bitFlyer is gearing up for potential approval of a Japanese cryptocurrency spot ETF. The company is already strategizing to offer tailored services for trust banks and other financial institutions, catering to the evolving needs of this burgeoning market segment. CEO of bitFlyer has shown optimism towards the listing of ETFs in Japan, aiming to establish their custody business as a vital part of the industry infrastructure.
Furthermore, this acquisition resolves the concerns of FTX Japan customers, offering them the option to transfer their accounts to bitFlyer, Inc. By aligning with industry trends and anticipating future regulatory developments, bitFlyer is positioning itself as a key player in the cryptocurrency custody and exchange landscape.
Also read: US candidate Robert F. Kennedy Jr: “Most of my wealth is in Bitcoin”
