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<ul class="news-points">
 <li>FTX Japan has been acquired by bitFlyer, a Japanese crypto exchange.</li>
 <li>The firm will be rebranded to New Custody Company until a new name is decided.</li>
 <li>FTX Japan will now focus on providing institutional-grade crypto custody services.</li>
</ul>
bitFlyer, a Japanese crypto exchange, has acquired the Japanese branch of the now-bankrupt exchange FTX. FTX Japan will be rebranded after the purchase, initially operating under the temporary name New Custody Company until a new name is chosen.
Operating a crypto exchange will become less of a primary focus for New Custody Company; instead, the company will prioritize institutional-grade crypto custody services. According to <a href="https://bitflyer.com/pub/20240620-bitFlyer-Agrees-to-Acquire-FTX-Japan-K.K-en.pdf" target="_blank" rel="noopener noreferrer nofollow">bitFlyer</a>, the newly acquired platform will also offer services related to crypto exchange-traded funds (ETFs), a market not yet established in Japan. bitFlyer anticipates that spot BTC ETFs will soon be permitted in Japan, stating:
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “Although the situation is not necessarily the same in the U.S. and Japan, this trend is expected to increase the need for institutional investors to enter the crypto asset market in Japan, and crypto asset custody services are expected to become more important.”
</blockquote>
Based on…
The post <a href="https://coinedition.com/bitflyer-acquires-ftx-japan-rebrands-as-new-custody-company/" rel="noopener noreferrer nofollow">bitFlyer Acquires FTX Japan, Rebrands as New Custody Company</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

bitFlyer Acquires FTX Japan, Rebrands as New Custody Company

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