Vision

United

Status

Tokyo-based BitFlyer Holdings&nbsp;<a style="text-decoration:none" href="https://coinpost.jp/?p=547568">announced</a> the full acquisition of FTX Japan, securing all outstanding shares and integrating it as a wholly owned subsidiary. This strategic move aims to enhance BitFlyer’s crypto custody services and position it as a leader in the upcoming cryptocurrency spot exchange-traded funds (ETFs) market in Japan.
<h2 dir="ltr" id="span-span-details-of-the-acquisition-span-span">Details of the Acquisition</h2>
BitFlyer, licensed by Japan's Financial Services Agency since 2017, is ranked 22nd globally by trading volume, primarily driven by BTC/JPY transactions. The acquisition of FTX Japan was announced by Yuzo Kano, CEO of BitFlyer Holdings, in a Friday post on X.&nbsp;
&nbsp;
Kano emphasized the importance of security technology in safely storing physical BTC, which will serve as the backing asset for future ETFs.
<div>
 <blockquote class="twitter-tweet">
 米国ではビットコインETF上場をきっかけに、機関投資家からの資金流入が加速しています。 日本でもETFが上場する日が来ると信じています そして、ETFの裏付け資産となる現物BTCを安全に保管できるセキュリティ技術を保有した会社が必要です。… <a href="https://t.co/0d1FZbNYwW">https://t.co/0d1FZbNYwW</a>— 加納裕三@bitFlyer (@YuzoKano) <a href="https://twitter.com/YuzoKano/status/1816703511079584041?ref_src=twsrc%5Etfw">July 26, 2024</a>
 </blockquote> 
</div>
<h2 dir="ltr" id="span-span-strategic-goals-and-institutional-custody-span-span">Strategic Goals and Institutional Custody</h2>
The acquisition aligns with BitFlyer’s strategic goals on two main fronts.&nbsp;
<ul>
 <li>Firstly, the company aims to enhance its crypto custody services with advanced security features designed for institutional investors.&nbsp;&nbsp;</li>
 <li>Secondly, BitFlyer plans to offer services related to cryptocurrency ETFs, contingent on the establishment of appropriate legal frameworks in Japan.</li>
</ul>
<h2 dir="ltr" id="span-span-kano-s-vision-for-crypto-etfs-in-japan-span-span">Kano's Vision for Crypto ETFs in Japan</h2>
Kano expressed optimism about the timeline for launching crypto ETFs in Japan, drawing parallels with the United States, where institutional investment has surged following the introduction of Bitcoin ETFs. He highlighted that ETFs can significantly contribute to the price appreciation of underlying crypto assets.&nbsp;
&nbsp;
In the US, Bitcoin ETFs accounted for about 75% of new investment in the cryptocurrency by February 15, 2023, as it surpassed the $50,000 mark.
<h2 dir="ltr" id="span-span-enhancing-security-and-institutional-investments-span-span">Enhancing Security and Institutional Investments</h2>
Upon rebranding and integrating FTX Japan, BitFlyer will concentrate on launching a crypto custody business primarily targeting institutional investors. This service will emphasize high-security measures to protect digital assets.&nbsp;
&nbsp;
An official statement from BitFlyer reads:&nbsp;
<blockquote>
 “Our extensive expertise in blockchain technology and our proprietary security-focused wallet solution reinforce our commitment to securing institutional investments.”
</blockquote>
<h2 dir="ltr" id="span-span-ftx-japan-s-background-and-financial-status-span-span">FTX Japan's Background and Financial Status</h2>
Following the acquisition of fintech company Liquid Group and its subsidiaries, including Quoine Corporation,&nbsp;<a style="text-decoration:none" href="https://protos.com/everything-thats-happened-with-ftx-in-2023/">FTX Japan</a> was launched in June of 2022.&nbsp;
&nbsp;
However, just five months later, its parent company collapsed amid allegations of embezzlement and misappropriation. Despite this, FTX Japan reported having more assets than liabilities, with $134 million in segregated user assets, raising hopes for recovering funds for Japanese customers.

Tokyo's BitFlyer Acquires FTX Japan, Aims For Crypto ETFs

Innholdsfortegnelse

BSCN

Andre artikler publisert på 29. juli 2024

Solana Surpasses Binance Coin to Become 4th Largest Crypto

Trump’s Crypto Endorsement: What Europe Needs to Watch Out For

Crypto Related Stocks Like Coinbase, Marathon Digital And Others Surge After Trump's Pro-Bitcoin ...

Rho Markets Hit by $7.5M Hack, Attackers Demand Admission of Oracle Error for Fund Return

What’s Happening on Solana? Trading Volume Exceeds Ethereum and BNB Networks Combined – Here is t...

Top Gainers Spotted with Max Surges Over the Past 24 Hours

Bli med på vårt gratis nyhetsbrev for daglige kryptooppdateringer!