bitFlyer Holdings Inc, a cryptocurrency exchange in Japan, has announced it has completed the acquisition of 100% of FTX Japan’s outstanding shares, making it its wholly-owned subsidiary. This subsidiary will be rebranded under the bitFlyer name by August 26, 2024.

Expanding with Acquisition

This acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term aligns with bitFlyer’s strategic goals on two main fronts. First, the company aims to enhance its crypto custody services with advanced security features designed for institutional investors.

Additionally, bitFlyer plans to offer services related to cryptocurrency spot exchange-traded funds (ETFs) in the future. However, this will depend on the establishment of appropriate legal frameworks in Japan.

Earlier, FTX Japan, part of over 100 entities in bankruptcy proceedings, reported having more assets than liabilities, with $134 million in segregated user assets, as reported by Finance Magnates. This raised hopes for recovering funds for Japanese customers.

Bitflyer was set to acquire all shares of FTX Japan, valued at several billion yen. Bitflyer, licensed by Japan's Financial Services Agency since 2017, ranked 22nd globally by trading volume, with $73.11 million in 24-hour trades, largely driven by BTC/JPY transactions.

Bitflyer to launch custodian #Crypto business after FTX Japan buyout — #Crypto.news: Bitflyer to launch custodian #Crypto business after FTX Japan buyout #Crypto.news https://t.co/iCT2uCQWj7

— Stock Market News (@Stock_Market_Pr) July 26, 2024

Institutional Custody and ETF Expansion

Upon rebranding and integrating FTX Japan, bitFlyer will concentrate on launching a crypto custody business. This service will primarily target institutional investors and will emphasize high-security measures to protect digital assets.

An official statement from the firm issued in that regard reads: “Our extensive expertise in blockchain technology and our proprietary security-focused wallet solution reinforce our commitment to securing institutional investments.”

In light of the recent approval by the US Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission of 11 Bitcoin spot ETFs in January 2024, bitFlyer anticipates a similar regulatory push in Japan. The company is preparing to offer crypto spot ETF services once Japan’s legal and tax systems are adequately developed.