On Friday, Japanese cryptocurrency trade BitFlyer introduced the completion of the acquisition of 100% of FTX Japan’s excellent shares, making FTX Japan a wholly-owned subsidiary.
The acquisition was accomplished on July 26, 2024, following an utility submitted by FTX Buying and selling and associated entities, together with Japanese subsidiaries Chapter 11 Chapter Protected in the USA on November 11, 2022.
Plans to remodel FTX Japan right into a cryptocurrency custody large
as declareFollowing the U.S. Chapter Court docket’s approval of the sale order on July 16, BitFlyer has efficiently built-in FTX Japan into its operations, making the most of this acquisition, which is about to endure main adjustments.
As a part of the transition, FTX Japan will change its title on August 26, 2024, with the tentative new title being “New Custody Firm”.
The corporate mentioned the rebranding was a strategic transfer to align the acquired enterprise with BitFlyer’s core focus of offering “superior” companies. Cryptocurrency custody companies to institutional traders. The trade additional acknowledged:
The background to the underlying coverage for crypto custody operations is the rising demand from institutional traders to enter the crypto asset market and the necessity for specialised safety measures.
By growing a devoted cryptocurrency custody enterprise beneath the BitFlyer Group, the corporate goals to fulfill the wants of company investor Searching for compliant entry into the digital asset ecosystem in Asian international locations.
BitFlyer Betting on Cryptocurrency Spot ETF
Friday’s announcement revealed that the brand new custodian is exploring the potential of providing companies associated to identify crypto property trade traded funds The way forward for ETFs depends upon Japan establishing the required authorized and regulatory framework.
That is in step with current regulatory developments in the USA, with the U.S. Securities and Trade Fee (SEC) approving the itemizing of a number of spot Bitcoin ETFs in January and extra lately approving the itemizing of a brand new spot Ethereum ETF formally acknowledged on Monday. BitFlyer additionally acknowledged on this matter:
We consider that by offering cryptocurrency custody companies and crypto asset spot ETF associated companies via a brand new custody firm, we can present distinctive worth to the bitFlyer Group.
BitFlyer CEO Yuzo Kano mentioned in a current report social media posts He mentioned that because the Bitcoin ETF market is regulated, inflows from institutional traders have elevated in current months, and he additionally believes that cryptocurrency-related ETFs will someday be listed in Japan.
“By way of our internet hosting enterprise, we goal to be a public service as business infrastructure,” Cano mentioned.
As of this writing, FTX’s native token, FTT, is buying and selling at $1.41, up greater than 6% following a brand new acquisition by BitFlyer on Friday. Buying and selling quantity for the token has additionally grown 18% since Thursday, reaching $13 million, in line with CoinGecko.
Featured pictures from DALL-E, charts from TradingView.com
