BitFlyer Acquires FTX Japan, Reveals Big Plans To Watch

The Japanese crypto trading platform BitFlyer has announced the complete buyout of FTX Japan. This marks a landmark push for FTX Japan whose parent company remains locked in bankruptcy proceedings. 

BitFlyer Charts a New Course For FTX Japan

The former exchange trading platform hinted at its plans to venture into the ETF scene once Japan’s required legal framework is established. As it stands, the exchange revealed that it acquired 100% of FTX Japan’s shares.

FTX Japan will now operate as an independent subsidiary of BitFlyer Holdings after the deal was completed. In the transition process, FTX Japan is scheduled to undergo a name change by August 26th. Notably, BitFlyer Holdings is preparing to launch a new cryptocurrency custody business under its portfolio. This initiative aims to offer advanced security cryptocurrency custody services to institutional investors.

Emphasizing the critical role of security in crypto custody, BitFlyer highlighted the group’s deep expertise in blockchain technology and security measures. The company noted that it has developed a secure wallet system independently. Furthermore, BitFlyer is strategically positioning itself for upcoming market trends, particularly in the area of cryptocurrency spot ETFs.

Following the successful launch of Bitcoin ETF and Ethereum ETF in the U.S., the exchange hopes to achieve a similar feat in Japan. 

Japan’s Crypto Landscape Evolves

This update follows the strategic partnership between Bitpay and Moonpay in May. The collaboration was aimed to simplify the conversion of cryptocurrency to fiat, enhancing user flexibility and convenience. 

This comes at a time when crypto industries in Japan are growing. Major players like MicroStrategy, Ripple Labs, and Bitpay among others have contributed to the development of the crypto market in Japan. Notably, the Asian country is at the forefront of adopting cryptocurrencies in official trade setting. Also, its efficient regulatory framework bagged endorsement from the billionaire investor, Mark Cuban in May.

Despite these positive trend, Gate.io is exiting the Japanese market due to regulatory compliance difficulties.

Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGEcrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.