BitFlyer, a Japanese crypto exchange, has officially bought FTX Japan, making it their own. This happened on July 26th, 2024, after FTX went bankrupt in November 2022.
A New Focus on Custody
BitFlyer is going to turn FTX Japan into a crypto custody company, which basically means they’ll be responsible for securely storing digital assets for big investors. This is a big deal because more and more institutional investors are getting into crypto, and they need a safe place to keep their coins.
The company will rebrand FTX Japan by August 26th, and the new name will be something like “new custody company.” BitFlyer thinks this will help them focus on providing high-quality custody services to institutional investors.
Betting on Crypto ETFs
BitFlyer is also thinking about offering services related to crypto ETFs in the future. This is a big deal because it means people could invest in crypto through traditional stock markets. This is already happening in the US, where the SEC approved a few Bitcoin ETFs earlier this year.
BitFlyer’s CEO, Yuzo Kano, thinks that crypto ETFs will be a big thing in Japan too, and that they’ll help attract even more institutional investors.
FTT’s Price Jumps
FTT, the native token of FTX, has seen a big price increase since BitFlyer announced the acquisition. It’s up over 6% and trading volume has also increased significantly. This shows that people are excited about BitFlyer’s plans for FTX Japan.
