Cryptocurrency

2024

April

Billion

In a significant development for the cryptocurrency industry, bitFlyer, a leading Japanese crypto exchange, is poised to acquire 100% of the share capital of FTX Japan. This acquisition of the local branch of the globally known but now bankrupt FTX exchange has been under wraps until recently. 
The acquisition hinges on approval from the U.S. Bankruptcy Court due to FTX’s ongoing legal troubles. Once approved, FTX Japan will undergo a name change and transition its focus to crypto custody, leveraging bitFlyer’s expertise in security and blockchain technology. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 【FTX Japan 買収合意について】 bitFlyer Holdings は FTX Japan の株式100％を取得する株式譲渡契約を締結しました。 米国破産裁判所の承認が得られた後、bitFlyer グループの完全子会社となります。 グループ間のシナジーを活かした新たなサービスを展開してまいります。<a href="https://t.co/qnaGy7u2Q3" target="_blank">https://t.co/qnaGy7u2Q3</a> <a href="https://t.co/8voxBqPFX4" target="_blank">pic.twitter.com/8voxBqPFX4</a>— bitFlyer（ビットフライヤー） (@bitFlyer) <a href="https://twitter.com/bitFlyer/status/1803788003804106872?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 20, 2024</a>
 </blockquote> 
 </div>
</figure> 
Under the <a href="https://bitflyer.com/pub/20240620-bitFlyer-Agrees-to-Acquire-FTX-Japan-K.K-en.pdf" target="_blank" data-type="link" data-id="https://bitflyer.com/pub/20240620-bitFlyer-Agrees-to-Acquire-FTX-Japan-K.K-en.pdf" rel="noreferrer noopener nofollow">acquisition agreement</a>, bitFlyer will acquire all shares of FTX Japan on June 19, 2024, and take over its business operations. The acquisition price is expected to be in the billions of yen. 
BitFlyer expects to pursue a policy change after the acquisition, first of all, they will change the corporate name of FTX Japan to a new custody Company. 
The basic policies of the New Custody Company are expected to be as follows: 
<ul> 
 <li>New Custody Company will transfer FTX Japan customer accounts to bitFlyer, Inc. with the consent of the relevant customers.</li> 
 <li>New Custody Company will offer new crypto custody (crypto asset management) services as its core business.</li> 
 <li>New Custody Company will provide services related to crypto asset spot ETFs[*3], centered around its core business, if the legal system is established in the future in Japan.</li> 
 <li>New Custody Company will continuously maintain the crypto asset exchange service provider and Type 1 financial instruments business license depending on the situation.</li> 
</ul> 
The bitFlyer Group believes they will be able to deliver unique value by offering both crypto custody service, and services related to crypto asset spot ETFs under New Custody Company. 
BitFlyer plans to rebrand FTX Japan significantly to rebuild consumer trust amid ongoing legal challenges. As the acquisition finalizes, industry stakeholders are keenly observing its impact on Japan’s broader crypto landscape. 
Following the collapse, FTX Japan faced operational restrictions, including a temporary halt on asset withdrawals ordered by Japanese financial authorities. Seeking to stabilize, the exchange looked for a buyer, and bitFlyer’s acquisition is seen as a crucial step toward market consolidation. 
This acquisition coincides with a period of rapid growth in Japan’s crypto market. The Japan Cryptocurrency Exchange Association reports that the number of crypto accounts in Japan exceeded 10 million by April 2023, tripling over the past five years. Despite this growth, user safety remains a concern. Concurrently, the strengthening of Japanese Yen is boosting the adoption of JPY crypto trading pairs. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/06/12/figure-markets-launches-ftx-claims-platform-for-recovery/" target="_blank" rel="noreferrer noopener">Figure Markets Launches FTX Claims Platform for Recovery</a> 
</blockquote>

BitFlyer to Take Over FTX Japan in Billion Yen Deal

The Crypto Times

Інші статті, опубліковані 20 черв. 2024 р.

WOO X Lists $BENJI token For Spot Trading

Shiba Inu and STRUMP See Huge Losses, While Rampant AI Meme Coin Raboo Remains Unstoppable

MicroStrategy's Enormous Bitcoin Purchase Announced by Michael Saylor: Details

Altcoin Season Beckons: Analyst Identifies Top Picks for Potential Rebound

Akash Network Regains Dominance! AKT Price To Surge 25% Soon?

TokenAlphabet: A Comprehensive Guide to the Leading Cryptocurrency Data Platform

Приєднуйтеся до нашої безкоштовної розсилки для отримання щоденних оновлень щодо крипто!