BitFlyer, a prominent Japanese cryptocurrency exchange, is set to acquire FTX Japan, the local subsidiary of the collapsed FTX platform, aiming for a revival after reimbursing its users in 2023.
Reports from local media indicate that BitFlyer Holdings is finalizing the acquisition of FTX Japan in a transaction valued at billions of yen, equivalent to tens of millions of dollars, as per Nikkei’s report on June 20.
FTX Japan, which faced setbacks following the collapse of its parent company FTX in November 2022, is now pivoting its focus under new ownership. The revamped strategy is said to target institutional investors through crypto asset management and custody services.
After FTX Japan’s establishment in early 2022 and subsequent challenges, including the fallout from FTX’s collapse and the acquisition of Japan’s Liquid exchange, the subsidiary resolved its issues by repaying customers in early 2023.
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