World Crypto Global
- Written by: Tareq Sikder
- Fri, 26 Jul 2024
- Israel
bitFlyer Holdings Inc, a cryptocurrency exchange in Japan,has announced it has completed the acquisition of 100% of FTX Japansoutstanding shares, making it its wholly-owned subsidiary. This subsidiary willbe rebranded under the bitFlyer name by August 26, 2024.Expanding with AcquisitionThis acquisition aligns with bitFlyers strategic goals ontwo main fronts. First, the company aims to enhance its crypto custody serviceswith advanced security features designed for institutional investors. Additionally, bitFlyer plans to offer services related tocryptocurrency spot exchange-traded funds (ETFs) in the future. However, thiswill depend on the establishment of appropriate legal frameworks in Japan.Earlier, FTXJapan, part of over 100 entities in bankruptcy proceedings, reported havingmore assets than liabilities, with $134 million in segregated user assets, asreported by Finance Magnates.This raised hopes for recovering funds for Japanese customers. Bitflyer was setto acquire all shares of FTX Japan, valued at several billion yen. Bitflyer,licensed by Japan's Financial Services Agency since 2017, ranked 22nd globallyby trading volume, with $73.11 million in 24-hour trades, largely driven byBTC/JPY transactions.Bitflyer to launch custodian #Crypto business after FTX Japan buyout #Crypto.news: Bitflyer to launch custodian #Crypto business after FTX Japan buyout #Crypto.news https://t.co/iCT2uCQWj7 Stock Market News (@Stock_Market_Pr) July 26, 2024Institutional Custody and ETF ExpansionUpon rebranding and integrating FTX Japan, bitFlyer willconcentrate on launching a crypto custody business. This service will primarilytarget institutional investors and will emphasize high-security measures toprotect digital assets.An official statement from the firm issued in that regardreads: Our extensive expertise in blockchain technology and ourproprietary security-focused wallet solution reinforce our commitment tosecuring institutional investments.In light of the recent approval by the US Securities andExchange Commission of 11 Bitcoin spot ETFs in January 2024, bitFlyeranticipates a similar regulatory push in Japan. The company is preparing tooffer crypto spot ETF services once Japans legal and tax systems areadequately developed.This article was written by Tareq Sikder at www.financemagnates.com.
