Japanese crypto giant bitFlyer has completed its acquisition of FTX Japan, making it a fully owned subsidiary. BitFlyer, based in Tokyo, bought 100% of FTX Japan’s outstanding shares and plans to rebrand it as “Custody New Company” by August 26.
This acquisition marks a significant milestone as bitFlyer aims to expand its crypto custody business, leveraging its operational resources and wallet technology. The newly acquired entity will explore services related to physical crypto exchange-traded funds once the legal framework in Japan allows.
FTX Japan had been under Chapter 11 bankruptcy protection since November 2022, following the collapse of its parent company amid allegations of financial misconduct. The acquisition intends to leverage synergies within the bitFlyer Group, promising sustainable growth and new service development for all stakeholders.
Strategically, this move positions bitFlyer to enhance its service offerings and strengthen its market presence in the evolving crypto landscape.
