BitFlyer Eyes Acquisition of FTX Japan in Multi-Billion Yen Deal, Plans Focus on Crypto Asset Management
Summary:
BitFlyer, a Japanese cryptocurrency exchange, is set to buy the local branch of the now-defunct FTX trading platform. The multi-billion yen deal will see FTX Japan shift its focus to crypto asset management for institutional investors. The acquisition comes months after FTX Japan ensured its customer assets weren't affected by FTX's November 2022 collapse and resumed withdrawals post customer reimbursements.
BitFlyer, a renowned cryptocurrency exchange based in Japan, is reportedly set to take over the local subsidiary of the faltering FTX trading platform, as reported by domestic media sources. The acquisition of FTX Japan by BitFlyer Holdings is projected to be a multi-billion yen operation, translating to tens of millions in US currency, as mentioned in a report by Nikkei on June 20th. Post-acquisition, the central operations of FTX Japan are reportedly slated to pivot towards custody or management of crypto assets, aiming predominantly at institutional investors. FTX Japan is among several entities hit by the downfall of FTX back in November 2022. The platform strenuously maintained that FTX's bankruptcy proceedings had no implications on its customer assets and managed to resume withdrawals after reimbursing its customers by February 2023. This occurred months subsequent to FTX's downfall, following its acquisition of Liquid, a Japanese crytocurrency exchange, and the initiation of FTX Japan during early 2022. Updates to this unfolding story will be provided as more information comes to light.
Published At
6/20/2024 4:10:03 PM
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