BitFlyer targets FTX Japan for acquisition, reports NHK

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The Block2024/06/20 15:52

By:The Block

Quick Take Japanese crypto exchange BitFlyer is reportedly trying to acquire FTX Japan. It is unclear how much BitFlyer will pay to bring FTX Japan under its ownership.

FTX Japan could soon come under Japanese crypto exchange BitFlyer's ownership, according to reports by Japan's public broadcasting service.

BitFlyer is expected to pay several billion yen to purchase all of FTX Japan’s shares, effectively granting it control of the company, NHK reported on Thursday. The company plans to reboot FTX Japan as a digital asset management or custody firm for institutional investors, according to the report.

BitFlyer did not immediately respond to The Block’s request for comment.

FTX Japan launched in 2022, a few months before its parent company declared bankruptcy. The firm is one of four independently operated subsidiaries that FTX has moved to sell during its ongoing bankruptcy proceedings.

In recent years, digital asset adoption has grown significantly in Japan. Cryptocurrency accounts totaled more than 10 million as of April 2024, up roughly 300% from the number of accounts in the country in 2019, noted NHK, which cited data from the Japan Cryptocurrency Exchange Association.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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