In a significant development within the crypto sector, BitFlyer Holdings has successfully negotiated the acquisition of FTX Japan, the local subsidiary of the bankrupt crypto exchange FTX. This move is poised to reshape the landscape of digital asset trading in Japan, leveraging BitFlyer’s established reputation and FTX Japan’s existing infrastructure.
BitFlyer Seals Deal To Acquire FTX Japan, Cementing Market Position
On June 20, BitFlyer announced via its social media platform X (formerly Twitter) that it had entered into a definitive agreement to acquire 100% of FTX Japan’s shares. This acquisition, subject to approval from the US Bankruptcy Court, underscores the company’s commitment to enhancing its service offerings and expanding its footprint 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
BitFlyer, founded in January 2014, has emerged as a pioneering force in Japan’s crypto industry and has earned recognition from Forbes as the country’s most trusted digital asset exchange platform. The acquisition of FTX Japan marks a strategic expansion for the company, consolidating its market position and potentially opening new avenues for growth and innovation.
Financial details surrounding the acquisition have been closely watched, with local media reports suggesting a transaction valued in the billions of yen, reflecting the significant scale and impact of the deal within the industry. The completion of the acquisition process will see FTX Japan transition into becoming a wholly owned subsidiary of BitFlyer Holdings, integrating its operations and customer base under the BitFlyer brand.
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’
As part of its strategic vision post-acquisition, BitFlyer plans to rebrand FTX Japan under a new entity name, tentatively referred to as “Custody New Association.” This rebranding initiative is aimed at streamlining operations and aligning the subsidiary closely with its overarching business strategy. The transition will involve registering the new entity and transferring customer accounts to BitFlyer Co., Ltd., ensuring a seamless experience for existing and future clients.
Looking forward, BitFlyer intends to capitalize on synergies between the two platforms to innovate and develop new services tailored to meet evolving market demands. One area of focus includes expanding into crypto custody services, enhancing security protocols, and exploring the potential introduction of spot asset ETFs, pending regulatory developments in Japan.
Featured image from Celebrity Cruises, chart from TradingView