- bitFlyer has acquired 100% of FTX Japan and can rebrand the platform by August 26, 2024.
- The Tokyo-based crypto alternate can even launch a brand new cryptocurrency custody enterprise by means of a brand new subsidiary.
Japanese crypto alternate bitFlyer Holdings has introduced the acquisition of FTX Japan, based on an announcement printed on July 26.
A inventory alternate based mostly in Tokyo he remarked that it accomplished the acquisition of 100% of the shares of FTX Japan, a transfer that made the FTX Japan enterprise a “100% subsidiary” of bitFlyer.
“We’re happy to announce that bitFlyer Holdings has right now accomplished the acquisition of 100% of the excellent shares of FTX Japan,” the alternate mentioned on X.
bitFlyer Holdings has accomplished the acquisition of 100% of FTX Japan's issued inventory right now.
Consequently, FTX Japan turned a whole subsidiary of our firm.Subsequent time 8/26, Subsequent time I’ll change the corporate title by 8/26, and I’ll change the corporate title by 8/26. //t.co/Ks1aexAFLm pic.twitter.com/bLbqGa4Im8
— bitFlyer） (@bitFlyer) July 26, 2024
bitFlyer renames FTX Japan
Following the acquisition, bitFlyer will rebrand as FTX Japan, with that anticipated to occur by August 26, 2024. The deal can even see the brand new subsidiary unveil a brand new cryptocurrency custody enterprise that may supply superior safety providers to institutional traders.
The bitFlyer workforce added in an announcement launched on Friday:
“By buying all of the shares and administration rights of FTX Japan, we goal to realize sustainable progress, use synergies inside the bitFlyer Group to develop new providers, which is able to profit not solely FTX Japan and its prospects, however all stakeholders of the bitFlyer Group.”
FTX Japan, initially below FTX Japan Holdings, filed for Chapter 11 chapter safety following the collapse of FTX in November 2022.
CoinJournal reported in June about bitFlyer's plans to accumulate FTX Japan.
