bitFlyer has acquired 100% of FTX Japan shares and will rebrand the platform by August 26, 2024.
The Tokyo-based crypto exchange will also launch a new crypto custody business via the new subsidiary.
Japanese crypto exchange bitFlyer Holdings has announced the acquisition of FTX Japan, according to an announcement published on July 26.
The Tokyo-based exchange noted that it had completed 100% acquisition of FTX Japan shares, a move that makes the FTX Japan business a “wholly-owned subsidiary” of bitFlyer.
“We are pleased to announce that bitFlyer Holdings has today completed the acquisition of 100% of the outstanding shares of FTX Japan,” the exchange 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 expected by August 26, 2024. The deal will also see the new subsidiary unveil a new crypto custody business that will offer services with advanced security to institutional investors.
The bitFlyer team added in a statement published on Friday:
“By acquiring all shares and management rights of FTX Japan, we aim to achieve sustainable growth, leveraging synergies within the bitFlyer Group to develop new services, benefiting not only FTX Japan and its customers but all stakeholders of the bitFlyer Group.”
FTX Japan, initially under FTX Japan Holdings, filed for Chapter 11 bankruptcy protection following the collapse of FTX in November 2022.
CoinJournal reported bitFlyer’s plans to acquire FTX Japan in June.
