BitFlyer Closes FTX Japan Deal, Crypto ETF Services On The Horizon
Highlights
- BitFlyer Holdings completes acquisition of FTX Japan, enhancing its market presence.
- Plans include launching advanced cryptocurrency custody services for institutional investors.
- BitFlyer aims to pioneer cryptocurrency spot ETF services pending regulatory approval in Japan.
BitFlyer Holdings, Inc. has finalized its acquisition of FTX Japan. This strategic takeover not only expands BitFlyer’s market presence but also sets the stage for innovative crypto services in the country.
As the dust settles on this major deal, the crypto community is abuzz with anticipation over BitFlyer’s plans to launch advanced custody services and potentially pioneer cryptocurrency spot ETF offerings in Japan.
BitFlyer Closes FTX Japan Deal Amid ETF Hopes
BitFlyer Holdings, Inc. has announced the successful completion of its acquisition of FTX Japan, marking a significant development in the Japanese cryptocurrency market. The deal, finalized on the 26th, sees the exchange becoming a wholly owned subsidiary of BitFlyer Holdings.
As part of the transition, FTX Japan is set to undergo a name change by August 26th. More importantly, BitFlyer Holdings plans to launch a new cryptocurrency custody business under its umbrella, with the newly acquired company at its core. This new venture aims to provide institutional investors with cryptocurrency custody services featuring advanced security measures.
BitFlyer emphasized the importance of robust security in crypto custody services, citing the group’s extensive blockchain knowledge and technical expertise. The company highlighted that BitFlyer Inc has independently developed a security-focused wallet system.
Looking ahead, BitFlyer is positioning itself for future market developments, particularly in the realm of cryptocurrency spot ETFs. The company expressed its intention to offer services related to these financial products once the necessary legal framework is established in Japan.
The company however stated that they need to wait for the tax system and other legal systems to be established, but once crypto spot ETFs are approved in Japan, they are considering offering cryptocurrency spot ETF-related services that meet the needs of trust banks and other financial institutions.
This move by BitFlyer not only consolidates its position in the Japanese crypto market but also signals a forward-looking approach to emerging trends in cryptocurrency investment products.
Also Read: Senator Cynthia Lummis Confirms Big Announcement In Bitcoin Conference
FTX’s Settlement with CFTC
In an FTX related development, they reached a settlement with the Commodity Futures Trading Commission (CFTC) in its ongoing bankruptcy case. This agreement, which still requires court approval, involves the subordination of a $4 billion CFTC claim to creditor claims and interest.
Under the terms of the settlement, the CFTC’s $4 billion claim will be allowed but ranked below all other creditor claims and interest payments. Any funds that would have been allocated to the CFTC will instead be directed to a Supplemental Remission Fund.
This fund is designed to provide additional compensation to adversely affected cryptocurrency holders.
Also Read: Senator Warren’s Anti-Crypto Bill Faces Setback As Co-Author Withdraws
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