BitFlyer Acquires FTX Japan, Sets Sights on Launching Crypto ETFs
- BitFlyer Holdings has acquired 100% of FTX Japans outstanding shares.
- BitFlyer CEO Yuzo Kano believes the launch of Japans first crypto ETFs is only a matter of time.
In a move for the Japanese cryptocurrency market, BitFlyer Holdings has completed the acquisition of 100% of FTX Japans outstanding shares, effectively making it a wholly owned subsidiary.
This strategic acquisition paves the way for BitFlyer to explore new avenues, including the potential launch of crypto-based exchange-traded funds (ETFs) and the provision of crypto custody solutions for institutional investors.
Yuzo Kano, CEO of BitFlyer Holdings, shared the companys ambitious plans in a July 26 post on X (formerly Twitter), emphasizing the need for a company with robust security technology to safely store the physical Bitcoin (BTC) that will serve as the backing asset for the ETFs.
Through its custody business, BitFlyer aims to establish itself as an industry infrastructure, serving as a public service for the crypto ecosystem.
FTX Japans Tumultuous Past
FTX Japan was previously a part of the now-defunct FTX exchange, which was once the worlds second-largest crypto exchange by trading volume.
However, the exchange collapsed in November 2022, resulting in a staggering $8.9 billion in lost user funds. BitFlyers acquisition of FTX Japan marks a new chapter for the subsidiary, with the potential to restore investor confidence and drive innovation in the Japanese crypto market.
BitFlyer CEO Yuzo Kano believes that the acquisition of FTX Japan could bring the crypto industry one step closer to the launch of the first crypto ETFs in Japanese markets.
Kano asserts that the launch of Japans first crypto ETFs is merely a matter of time, drawing parallels to the United States, where the inflow of funds from institutional investors has accelerated since the listing of Bitcoin ETFs.
Kanos optimism is well-founded, as ETFs have the potential to significantly contribute to the price appreciation of the underlying crypto assets.
For instance, by February 15, Bitcoin ETFs had accounted for approximately 75% of new investment in the worlds largest cryptocurrency, coinciding with its rise above the $50,000 mark.
Read more: https://thenewscrypto.com/bitflyer-acquires-ftx-japan-sets-sights-on-launching-crypto-etfs/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
