A major event in the crypto space, BitFlyer Holdings has effectively secured the purchase of FTX Japan, the local affiliate of the bankrupt bitcoin exchange FTX. Leveraging BitFlyer’s established reputation and FTX Japan’s present infrastructure will help to fundamentally change the Japanese digital asset trading scene.
BitFlyer Seals Deal To Acquire FTX Japan, Cementing Market Position
BitFlyer announced on June 20 that it has struck a final deal to purchase all of FTX Japan’s shares via its former Twitter social media platform X. Approved by US Bankruptcy Court clearance, this acquisition shows the company’s commitment to enhancing service offerings and expanding its position in the “Land of the Rising Sun.”
【FTX Japan 買収合意について】
bitFlyer Holdings は FTX Japan の株式100％を取得する株式譲渡契約を締結しました。
米国破産裁判所の手続きを経て、bitFlyer Holdings の完全子会社となります。
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
Established in January 2014, BitFlyer has grown to be a pioneer in the Japanese bitcoin scene and been named by Forbes as the most trustworthy digital asset exchange platform available in the country. The company’s strategic growth by acquiring FTX Japan confirms its place in the market and can open fresh chances for innovation and development.
BTCUSD trading at $64,495 on the daily chart: TradingView.com
The financial details of the transaction have attracted much attention; local media sources suggest that the purchase is worth the billions of yen, therefore highlighting the deal’s great impact on the sector. After the acquisition process is over, BitFlyer Holdings will completely buy FTX Japan, aggregating its customer base under the BitFlyer name along with its operations.
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 ‘Custody New Association’
Part of its post-acquisition strategic vision, BitFlyer plans to rename FTX Japan under a new entity name—probably “Custody New Association.” This rebranding effort aims to simplify processes and tightly match the subsidiary with BitFlyer’s main business plan. The new company will be registered and customer accounts will be sent to BitFlyer Co., Ltd. to guarantee a seamless transition for present and potential customers.
BitFlyer wants to leverage the synergies between the two platforms going forward to innovate and provide fresh services especially meant to meet evolving consumer needs. One area of focus is developing into crypto custody services, enhancing security measures, and looking at the possible introduction of spot asset ETFs while waiting for legislative developments in Japan.
Featured image from Celebrity Cruises, chart from TradingView