bitFlyer acquires FTX Japan, plans to launch crypto ETFs
BitfFlyer Holdings has acquired FTX Japan and plans to launch potential crypto-based exchange-traded funds (ETFs).
BitFlyer has completed the acquisition of 100% of the outstanding shares of FTX Japan, making it a wholly owned subsidiary.
The new business plans to provide institutional investors with crypto protection solutions, Bitflier Holdings CEO Yuzo Kano wrote in a July 26 X post.
“A company with security technology is needed to securely store the physical BTC that serves as the ETF's backing asset. We aim to be a public service that serves as industrial infrastructure through our nurturing business.
FTX Japan was part of the well-known FTX exchange, once the world's second-largest crypto exchange by trading volume, which collapsed in November 2022, resulting in the loss of at least $8.9 billion in user funds.
Related: Ether's ‘very clear bullish setup' set for H2 2024, says former Wall Street trader
The first Japanese crypto ETFs are only a matter of time: bitFlyer CEO
The purchase of FTX Japan could bring the crypto industry one step closer to the first crypto ETF in the Japanese markets.
The launch of Japan's first crypto ETFs is only a matter of time, Kano said.
“Inflows from institutional investors have increased since the listing of Bitcoin ETFs in the United States. I believe the day will come when ETFs will be listed in Japan.
ETFs contribute significantly to the appreciation of the underlying crypto asset value. For Bitcoin (BTC), ETFs accounted for 75% of new investment in the world's largest cryptocurrency on February 15, which topped $50,000.
Related: EU markets pave way for first Ether staking ETF: dYdX CEO
Japanese crypto ETFs in the spotlight following Franklin Templeton's innovation
In another big development for crypto ETFs, asset management giant Franklin Templeton is partnering with SBI Holdings to form a new crypto ETF management company.
According to an announcement shared with Cointelegraph, the two organizations officially signed a memorandum of understanding to work together on July 26.
A spokesperson for Franklin Templeton told Cointelegraph that the new joint venture could see the launch of its first-ever crypto ETF in Japan.
“The joint venture is expected to offer a range of investment solutions, including Franklin Templeton's existing ETFs. As Japan's regulations on digital assets and cryptocurrencies evolve, the new joint venture will launch related products after regulatory approval.
The announcement comes shortly after the launch of the first spot Ether ETF in the United States, which went public on July 23.
Magazine: Pudgy Penguins Land in Pixelverse, Ether ETFs and More: Hodler's Digest, July 14–20.
