Bitflyer now fully owns the Japanese part of the now-defunct cryptocurrency exchange that used to be called FTX Japan. Bitflyer is a well-known cryptocurrency exchange based in Tokyo.
Its parent business recently said in a news release that it had bought all of FTX Japan’s stocks. Bitflyer wants to change the name of FTX Japan to “Custody New Company” and merge it with its present business by August 26.
The main job of this new business will be to use Bitflyer’s current operating resources and wallet technology to grow Bitflyer’s crypto custody services. There is no information about how much it cost to buy.
FTX Japan Explores ETFs
The press release also said that the new manager will look into services for physical crypto exchange-traded funds (ETFs) once Japan’s legal system, which includes tax rules, is fully formed.
“By acquiring all shares and management rights of FTX Japan, we aim to achieve sustainable growth, leveraging synergies within the bitFlyer Group to develop new services, benefiting not only FTX Japan and its customers but all stakeholders of the bitFlyer Group.” BitFlyer
FTX Japan Holdings used to own the company Bitflyer . The business has been in Chapter 11 bankruptcy since November 2022. Bitflyer stopped running its exchange after it went bankrupt, but it kept customer cash safe.
People who owned Bitflyer and a hedge fund connected to them were accused of taking billions of dollars in customer funds, so the company shut down in late 2022. They put Sam Bankman-Fried in jail for 25 years and told him to pay back $11 billion. He started FTX.
Bitflyer wants to keep up with the changed rules in Japan and make its crypto security business better. This purchase is a significant advance in that direction. Bitflyer is taking a smart step to strengthen its place in the market, even though the industry is still facing problems and having chances. This is clear from the fact that it changed its name and added Bitflyer to its business.
