bitFlyer has completed the acquisition of FTX Japan

bitFlyer has acquired 100% shares of FTX Japan and will rebrand the platform until August 26, 2024.
The Tokyo-based crypto exchange will launch a new crypto protection business through its new subsidiary.

Japanese crypto exchange bitFlyer Holdings announced the acquisition of FTX Japan, in an announcement published on July 26.

Exchange based in Tokyo It is mentioned Following the completion of the 100% acquisition of FTX Japan's shares, this move will make FTX Japan's business a “wholly owned” subsidiary of bitFlyer.

“We are pleased to announce that bitFlyer Holdings has today acquired 100% of the outstanding shares of FTX Japan,” the exchange posted on X.

bitFlyer Holdings today announced that it has completed the acquisition of 100% of the outstanding shares of FTX Japan. As a result, FTX Japan became the full ownership of our company.

Until August 26th, we plan to change our company name and develop a new cryptostody business. Click here for details. pic.twitter.com/bLbqGa4Im8

— bitFlyer (@bitFlyer) July 26, 2024

bitFlyer renamed to FTX Japan

After the acquisition, BitFlyer will rebrand FTX Japan, which is expected on August 26, 2024. The deal will see the new subsidiary launch a new crypto custodian business that will provide institutional investors with superior security services.

The bitFlyer team added in a statement published on Friday:

“By acquiring all the shares and management rights of FTX Japan, we aim to achieve continuous growth, the collaboration within the bitFlyer Group to develop new services, which will benefit not only FTX Japan and its customers, but all BitFlyer Group stakeholders.

FTX Japan, originally under FTX Japan Holdings, filed for Chapter 11 bankruptcy protection in November 2022 following FTX's bankruptcy.

CoinJournal reported bitFlyer's plans to acquire FTX Japan in June.