Blockchain
bitFlyer Takes Over FTX Japan: Expands Crypto Custody Services and Eyes ETF Market
bitFlyer Holdings Inc, one of Japan’s top cryptocurrency exchanges, has successfully acquired FTX Japan, making it a wholly-owned subsidiary. The acquisition, which includes 100% of FTX Japan’s outstanding shares, was confirmed on Friday, with plans to rebrand the subsidiary under the bitFlyer name by August 26, 2024.
This strategic move is part of bitFlyer’s broader ambition to expand its services, particularly in the realms of crypto custody and cryptocurrency spot exchange-traded funds (ETFs). The company aims to enhance its crypto custody offerings, focusing on advanced security measures tailored for institutional investors. bitFlyer has highlighted its commitment to high-security custody solutions, leveraging its expertise in blockchain technology and proprietary security-focused wallet solutions.
Furthermore, bitFlyer is preparing to offer crypto spot ETF services. However, this venture will depend on the establishment of appropriate legal and tax frameworks in Japan. The company is anticipating a regulatory environment similar to the United States, where the Securities and Exchange Commission recently approved 11 Bitcoin spot ETFs in January 2024. bitFlyer aims to capitalize on a growing interest among institutional investors who are seeking secure ways to enter the cryptocurrency market.
The acquisition of FTX Japan, which filed for bankruptcy under Chapter 11 in the US, was approved by the US Bankruptcy Court for the District of Delaware on July 16, 2024. This acquisition allows bitFlyer to stabilize and expand its operations in Japan, a key emerging market for cryptocurrency. bitFlyer plans to retain necessary licenses for cryptocurrency exchanges and Type 1 financial instruments businesses, ensuring compliance with regulatory requirements and continuity in operations. This move is expected to significantly impact bitFlyer’s position in the market and the broader Japanese crypto industry.
Source: coinspeaker.com
The post bitFlyer Takes Over FTX Japan: Expands Crypto Custody Services and Eyes ETF Market appeared first on HIPTHER Alerts.
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