bitFlyer completes acquisition of FTX Japan

• bitFlyer has acquired 100% of FTX Japan shares and can rebrand the platform by August 26, 2024.
• The Tokyo-based crypto alternate may also launch a brand new crypto custody enterprise by way of the brand new subsidiary.

Japanese crypto alternate bitFlyer Holdings has introduced the acquisition of FTX Japan, in accordance with an announcement revealed on July 26.

The Tokyo-based alternate 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’re happy to announce that bitFlyer Holdings has as we speak accomplished the acquisition of 100% of the excellent shares of FTX Japan,” the alternate 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 may provide providers with superior safety to institutional buyers.

The bitFlyer staff added in an announcement revealed on Friday:

“By buying all shares and administration rights of FTX Japan, we goal to attain sustainable progress, leveraging synergies throughout the bitFlyer Group to develop new providers, benefiting not solely FTX Japan and its prospects however all stakeholders of the bitFlyer Group.”

FTX Japan, initially below 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.