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The cryptocurrency exchange BitFlyer has acquired the bankrupt platform FTX Japan


Cryptocurrency company BitFlyer Holdings announced the completion of the acquisition of FTX Japan, the Japanese subsidiary of the bankrupt exchange FTX.


FTX Japan froze customer funds following the collapse of the global exchange in November 2022. In 2023, the exchange returned all assets.


BitFlyer acquired 100% of FTX Japan's shares and now plans to relaunch the exchange under a different name, as well as expand its services.


According to BitFlyer CEO Yuzo Kano, the revamped platform will feature cryptocurrency custody solutions for institutional investors. This will help prepare for the launch of spot Bitcoin funds, which are currently under consideration by Japanese regulators.


"-We believe that the day will come when these exchange-traded funds will be registered in Japan. Therefore, we need a firm with sufficient capabilities for the secure storage of Bitcoin," said Yuzo Kano.


According to the CEO of BitFlyer, the launch of Japan's first spot Bitcoin ETFs is only a matter of time.


Analysts' reports indicate that cryptocurrency-based exchange-traded funds significantly impact the asset. For instance, just one month after the launch of spot Bitcoin ETFs in the US, they accounted for about 75% of new investments in the leading digital coin.

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