- bitFlyer has acquired 100% of FTX Japan shares and can rebrand the platform by August 26, 2024.
- The Tokyo-based crypto trade may also launch a brand new crypto custody enterprise by way of the brand new subsidiary.
Japanese crypto trade bitFlyer Holdings has introduced the acquisition of FTX Japan, based on an announcement printed on July 26.
The Tokyo-based trade famous that it had accomplished 100% acquisition of FTX Japan shares, a transfer that makes the FTX Japan enterprise a “wholly-owned subsidiary” of bitFlyer.
“We are pleased to announce that bitFlyer Holdings has today completed the acquisition of 100% of the outstanding shares of FTX Japan,” the trade posted on X.
bitFlyer Holdingsは本日、FTX Japanの発行済株式100％の取得を完了しましたのでお知らせいたします。
これによりFTX Japanは当社の完全子会社となりました。今後は8/26までに社名を変更し、新たにクリプトカストディ事業を展開する予定です。詳しくはこちら。https://t.co/Ks1aexAFLm pic.twitter.com/bLbqGa4Im8
— bitFlyer（ビットフライヤー） (@bitFlyer) July 26, 2024
bitFlyer to rebrand FTX Japan
Following the acquisition, bitFlyer will rebrand FTX Japan, with this anticipated by August 26, 2024. The deal may also see the brand new subsidiary unveil a brand new crypto custody enterprise that can supply companies with superior safety to institutional traders.
The bitFlyer group added in a press release printed on Friday:
“By acquiring all shares and management rights of FTX Japan, we aim to achieve sustainable growth, leveraging synergies within the bitFlyer Group to develop new services, benefiting not only FTX Japan and its customers but all stakeholders of the bitFlyer Group.”
FTX Japan, initially underneath FTX Japan Holdings, filed for Chapter 11 chapter safety following the collapse of FTX in November 2022.
CoinJournal reported bitFlyer’s plans to accumulate FTX Japan in June.