bitFlyer Acquires FTX Japan, Rebrands as New Custody Firm

• FTX Japan has been acquired by bitFlyer, a Japanese crypto trade.
• The agency shall be rebranded to New Custody Firm till a brand new title is determined.
• FTX Japan will now deal with offering institutional-grade crypto custody companies.

bitFlyer, a Japanese crypto trade, has acquired the Japanese department of the now-bankrupt trade FTX. FTX Japan shall be rebranded after the acquisition, initially working underneath the short-term title New Custody Firm till a brand new title is chosen.

Working a crypto trade will turn into much less of a major focus for New Custody Firm; as an alternative, the corporate will prioritize institutional-grade crypto custody companies. In line with bitFlyer, the newly acquired platform may even supply companies associated to crypto exchange-traded funds (ETFs), a market not but established in Japan. bitFlyer anticipates that spot BTC ETFs will quickly be permitted in Japan, stating:

“Though the scenario just isn’t essentially the identical within the U.S. and Japan, this pattern is predicted to extend the necessity for institutional traders to enter the crypto asset market in Japan, and crypto asset custody companies are anticipated to turn into extra necessary.”

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