July 24, 2024
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BitFlyer Holdings to Acquire FTX Japan Amid Crypto Shakeup

Japanese cryptocurrency exchange BitFlyer Holdings is set to acquire the Japanese arm of the collapsed FTX trading platform. According to local media reports, the acquisition deal is valued at billions of yen, or tens of millions of dollars. The local news agency Nikkei reported the news on June 20, highlighting a significant move in the Japanese cryptocurrency market.

FTX Japan’s Strategic Shift

Post-acquisition, FTX Japan’s core business is expected to transition to crypto asset management or custody services, focusing on institutional investors. This strategic shift aims to leverage BitFlyer’s expertise and broaden its service offerings in the rapidly evolving crypto market.

FTX Japan faced severe repercussions from the collapse of its parent company, FTX, in November 2022. Despite the turmoil, FTX Japan consistently argued that its customers’ assets were separate from FTX’s bankruptcy proceedings. This stance allowed the exchange to resume withdrawals after repaying its customers in February 2023.

Background of FTX Japan

FTX Japan was initially launched in early 2022 following FTX’s acquisition of Japan’s crypto exchange, Liquid. However, the platform’s operations were significantly impacted by the broader collapse of FTX. The acquisition by BitFlyer Holdings marks a new chapter for FTX Japan, aiming to restore confidence and stability in the market.

Furthermore, BitFlyer’s acquisition is a notable development in the Japanese cryptocurrency landscape. It reflects the ongoing consolidation and strategic realignments in the industry. As FTX Japan transitions to new ownership, the focus will be on restoring trust and expanding services to meet the growing demand from institutional investors.

This acquisition underscores the resilience and adaptability of the cryptocurrency sector, as major players navigate the aftermath of FTX’s collapse and seek opportunities for growth and innovation.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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