• bitFlyer will purchase 100% of FTX Japan's shares and plan to rebrand the platform by August 26, 2024.
• The Tokyo-based cryptocurrency change additionally plans to launch a brand new cryptocurrency custody enterprise via the brand new subsidiary.

Japanese cryptocurrency change bitFlyer Holdings introduced the acquisition of FTX Japan, in response to an announcement posted on July 26.

Tokyo-based change I acquired it. The corporate acquired 100% of FTX Japan's shares, making the FTX Japan enterprise a completely owned subsidiary of bitFlyer.

“bitFlyer Holdings is happy to announce that it has right this moment accomplished the acquisition of 100% of the excellent shares of FTX Japan,” the change posted on X.

We’re happy to announce that bitFlyer Holdings has right this moment accomplished the acquisition of 100% of the excellent shares of FTX Japan.
This makes FTX Japan our full distributor.

The corporate plans to vary its title by August twenty sixth and launch a brand new crypto custody enterprise. For extra data, click on right here. https://t.co/Ks1aexAFLm pic.twitter.com/bLbqGa4Im8

— bitFlyer (@bitFlyer) July 26, 2024

bitFlyer Rebrands FTX Japan

Following the acquisition, bitFlyer plans to rebrand the corporate as FTX Japan by August 26, 2024. The acquisition may also see the brand new subsidiary unveil a brand new cryptocurrency custody enterprise that can present extremely safe providers to institutional traders.

The bitFlyer workforce added in an announcement on Friday:

“By buying all shares and administration rights of FTX Japan, we purpose to realize sustainable development by creating new providers that leverage synergies inside the bitFlyer Group, thereby benefiting not solely FTX Japan and its prospects, however all stakeholders within the bitFlyer Group.”

FTX Japan, which was initially a subsidiary of FTX Japan Holdings, filed for Chapter 11 chapter safety following FTX's collapse in November 2022.

CoinJournal reported in June that bitFlyer was planning to accumulate FTX Japan.