bitFlyer Holdings, a Japanese crypto exchange, has successfully acquired FTX crypto exchange Japan, thereby establishing it as a fully-owned subsidiary of the firm.
On July 26, the exchange based in Tokyo declared the acquisition, affirming that it had obtained all of the remaining shares of FTX Japan. By August 26, 2024, BitFlyer will rename FTX Japan and introduce a new crypto custody firm that provides sophisticated security services to institutional investors.
The exchange said on X (Twitter), “We are pleased to announce that bitFlyer Holdings has today completed the acquisition of 100% of the outstanding shares of FTX Japan. As a result, FTX Japan has become a wholly-owned subsidiary of our company. We plan to change our company name by August 26th and launch a new crypto custody business. For more information, click here.”
The acquisition is intended to generate long-term growth and exploit synergies within the bitFlyer Group to create new services that will benefit not only FTX Japan and its customers but also all stakeholders of the bitFlyer Group.
FTX Japan filed for Chapter 11 bankruptcy protection after the collapse of FTX in November 2022.
