bitFlyer Acquires FTX Japan, Plans New Crypto Custody Business

According to a tweet, bitFlyer Holdings has completed its acquisition of the defunct crypto exchange FTX’s Japan arm.

The acquisition was finalized on July 26. This transforms FTX Japan into a wholly-owned subsidiary of bitFlyer Holdings.

The firm will undergo a name change by August 26. The new entity will spearhead bitFlyer’s foray into the crypto custody business and focus on institutional investors. bitFlyer has highlighted its independently developed wallet technology as a cornerstone of this new offering.

Looking ahead, bitFlyer is positioning itself for the potential approval of cryptocurrency spot ETFs in Japan. The company is already planning services tailored to meet the needs of trust banks and other financial institutions in this emerging market segment.

In his recent tweet, bitFlyer CEO also mentioned that the inflow of funds from institutional investors has accelerated since the listing of the Bitcoin ETF in the United States. He also mentioned his belief that ETFs will be listed in Japan and that, through their custody business, they aim to become a public service that serves as an industry infrastructure.

This acquisition also resolves the issues for FTX Japan’s customers. With consent, they will now have the option to transfer their accounts to bitFlyer, Inc. Furthermore, bitFlyer plans to maintain the necessary licenses for crypto exchange and Type 1 financial instrument businesses.

Also Read: U.S. Candidate Robert F. Kennedy Jr.: “Most of My Wealth in Bitcoin”