tl;dr
BitFlyer, a major Japanese cryptocurrency exchange, is set to acquire FTX Japan, a local subsidiary of the bankrupt FTX exchange. The acquisition is in the final stages and is expected to involve a significant investment in Japanese yen. BitFlyer plans to rebrand FTX Japan after the acquisition. Thi...
BitFlyer, a major Japanese cryptocurrency exchange, is set to acquire FTX Japan, a local subsidiary of the bankrupt FTX exchange. The acquisition is in the final stages and is expected to involve a significant investment in Japanese yen. BitFlyer plans to rebrand FTX Japan after the acquisition. This move comes amid the growth of the crypto market in Japan, with concerns about user safety and protection.
According to sources close to the matter, bitFlyer's parent company has stepped forward to acquire FTX Japan. The acquisition process is closely tied to the ongoing procedures in the US court handling FTX bankruptcy. BitFlyer is expected to purchase all shares of FTX Japan and assume control of its business operations. The acquisition price is anticipated to be in the range of several billion yen, reflecting the strategic value of FTX Japan's market position.
In the aftermath of the 2022 bankruptcy, FTX sought a buyer for its Japanese subsidiary. Hence, the acquisition by bitFlyer is seen as a critical step towards consolidating the market. Moreover, bitFlyer is expected to heavily rebrand the FTX subsidiary to earn consumer trust lost due to the ongoing legal trouble.
The latest acquisition comes at a time when the crypto market in Japan is experiencing significant growth. According to data from the Japan Cryptocurrency Exchange Association, the number of crypto accounts in Japan surpassed 10 million by the end of April 2023. However, despite this growth, issues related to the safety and protection of users continue to be a concern.
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