bitFlyer will acquire 100% of FTX Japan's shares and plan to rebrand the platform by August 26, 2024.
The Tokyo-based cryptocurrency exchange also plans to launch a new cryptocurrency custody business through the new subsidiary.
Japanese cryptocurrency exchange bitFlyer Holdings announced the acquisition of FTX Japan, according to an announcement posted on July 26.
Tokyo-based exchange I got it. The company acquired 100% of FTX Japan's shares, making the FTX Japan business a wholly owned subsidiary of bitFlyer.
“bitFlyer Holdings is pleased to announce that it has today completed the acquisition of 100% of the outstanding shares of FTX Japan,” the exchange posted on X.
We are pleased to announce that bitFlyer Holdings has today completed the acquisition of 100% of the outstanding shares of FTX Japan.
This makes FTX Japan our full distributor.The company plans to change its name by August 26th and launch a new crypto custody business. For more information, click here. https://t.co/Ks1aexAFLm pic.twitter.com/bLbqGa4Im8
— bitFlyer (@bitFlyer) July 26, 2024
bitFlyer Changes FTX Japan Brand Name
Following the acquisition, bitFlyer plans to rebrand the company as FTX Japan by August 26, 2024. The acquisition will also see the new subsidiary unveil a new cryptocurrency custody business that will provide highly secure services to institutional investors.
The bitFlyer team added in a statement on Friday:
“By acquiring all shares and management rights of FTX Japan, we aim to achieve sustainable growth by developing new services that leverage synergies within the bitFlyer Group, thereby benefiting not only FTX Japan and its customers, but all stakeholders in the bitFlyer Group.”
FTX Japan, which was originally a subsidiary of FTX Japan Holdings, filed for Chapter 11 bankruptcy protection following FTX's collapse in November 2022.
CoinJournal reported in June that bitFlyer was planning to acquire FTX Japan.
