Digest
Japanese crypto giant bitFlyer has acquired FTX Japan, making it a fully owned subsidiary. BitFlyer announced the completion of the acquisition on Friday, stating plans to integrate FTX Japan into its operations and rebrand it as “Custody New Company” by August 26.
The acquisition, which involved buying 100% of FTX Japan’s outstanding shares, aims to expand bitFlyer’s crypto custody business and explore services related to physical crypto exchange-traded funds once legal frameworks are established in Japan. The financial details of the deal were not disclosed.
FTX Japan has been under Chapter 11 bankruptcy protection since November 2022 and ceased exchange operations but continued managing customer assets. This acquisition is part of bitFlyer’s strategy for sustainable growth and synergy within its group.
FTX Japan was previously owned by FTX Japan Holdings and was impacted by the broader collapse of FTX, which involved allegations of embezzlement and misappropriation of customer funds. The founder of FTX, Sam Bankman-Fried, was sentenced to 25 years in prison for his role in the collapse.
Key Points:
- Acquisition: bitFlyer acquires FTX Japan, rebranding it as “Custody New Company.”
- Integration: Aims to expand crypto custody business and explore new services.
- Background: FTX Japan under Chapter 11 since November 2022; FTX collapsed amid scandals.
- Future Plans: Focus on sustainable growth and leveraging synergies within bitFlyer Group.
