BitFlyer Acquires FTX Japan With 100% Share Purchase
Key Points:
- BitFlyer acquired FTX Japan and plans a name change by August 26th.
- New high-security crypto custody services for institutional investors.
BitFlyer acquires FTX Japan, making it a wholly-owned subsidiary. They plan a name change and launch a crypto custody business targeting institutional investors.
On the 26th, local news reported that BitFlyer announced the acquisition of 100% of FTX Japan’s outstanding shares, making FTX Japan a wholly-owned subsidiary.
BitFlyer Acquires FTX Japan in Major Deal
A name change from FTX Japan by August 26th is reportedly planned, and a new crypto custody business under the umbrella of BitFlyer Holdings will be launched. Its primary function will be providing cryptocurrency custody services that boast high safety for institutional investors.
Crypto custody services will feature advanced security measures. With a wealth of experience in blockchain, the BitFlyer Group established a secure wallet via BitFlyer Inc. If a corresponding legal system is implemented in Japan, services for cryptocurrency spot ETFs will be available.
The increasing focus on the crypto custody business is a result of growing demand from institutional investors looking to enter the cryptocurrency market, who are calling for more sophisticated security measures.
In January 2024, the U.S. Securities and Exchange Commission approved eleven Bitcoin spot ETFs, a move similar to what is happening in Japan.
Read more: Kamala Harris Bitcoin Snub Faces Tyler Winklevoss’s “No Mercy” Warning
Increasing Focus on Crypto Custody Services for Institutional Investors
BitFlyer Holdings, as such, says interest from institutional investors will spike in Japan, noting crypto custody services are a must. FTX Trading Ltd., FTX Japan, FTX Japan Holdings, and related debtors initiated Chapter 11 cases under the U.S. Bankruptcy Code.
The sale was approved on July 16, 2024, by the United States Bankruptcy Court for the District of Delaware, appointing BitFlyer Holdings Inc. to manage the FTX Japan operations.
FTX Japan will agree to transfer customer accounts to BitFlyer, establish a new cryptocurrency deposit business, and hold licenses for cryptocurrency exchange and Type 1 financial instruments businesses. BitFlyer targets developing services related to cryptocurrency trading.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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BitFlyer Acquires FTX Japan With 100% Share Purchase
Key Points:
- BitFlyer acquired FTX Japan and plans a name change by August 26th.
- New high-security crypto custody services for institutional investors.
BitFlyer acquires FTX Japan, making it a wholly-owned subsidiary. They plan a name change and launch a crypto custody business targeting institutional investors.
On the 26th, local news reported that BitFlyer announced the acquisition of 100% of FTX Japan’s outstanding shares, making FTX Japan a wholly-owned subsidiary.
BitFlyer Acquires FTX Japan in Major Deal
A name change from FTX Japan by August 26th is reportedly planned, and a new crypto custody business under the umbrella of BitFlyer Holdings will be launched. Its primary function will be providing cryptocurrency custody services that boast high safety for institutional investors.
Crypto custody services will feature advanced security measures. With a wealth of experience in blockchain, the BitFlyer Group established a secure wallet via BitFlyer Inc. If a corresponding legal system is implemented in Japan, services for cryptocurrency spot ETFs will be available.
The increasing focus on the crypto custody business is a result of growing demand from institutional investors looking to enter the cryptocurrency market, who are calling for more sophisticated security measures.
In January 2024, the U.S. Securities and Exchange Commission approved eleven Bitcoin spot ETFs, a move similar to what is happening in Japan.
Read more: Kamala Harris Bitcoin Snub Faces Tyler Winklevoss’s “No Mercy” Warning
Increasing Focus on Crypto Custody Services for Institutional Investors
BitFlyer Holdings, as such, says interest from institutional investors will spike in Japan, noting crypto custody services are a must. FTX Trading Ltd., FTX Japan, FTX Japan Holdings, and related debtors initiated Chapter 11 cases under the U.S. Bankruptcy Code.
The sale was approved on July 16, 2024, by the United States Bankruptcy Court for the District of Delaware, appointing BitFlyer Holdings Inc. to manage the FTX Japan operations.
FTX Japan will agree to transfer customer accounts to BitFlyer, establish a new cryptocurrency deposit business, and hold licenses for cryptocurrency exchange and Type 1 financial instruments businesses. BitFlyer targets developing services related to cryptocurrency trading.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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