bitFlyer acquires FTX Japan, plans to launch crypto ETFs

Zoltan Vardai11 hours agobitFlyer acquires FTX Japan, plans to launch crypto ETFsThe acquisition could be another step toward the first spot crypto ETF launching in Japanese markets.1090 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitfFlyer Holdings has acquired FTX Japan and plans to launch potential crypto-based exchange-traded funds (ETFs).

BitFlyer has completed the acquisition of 100% of FTX Japan’s outstanding shares, making it its wholly owned subsidiary.

The new business plans to provide crypto custody solutions for institutional investors, wrote Yuzo Kano, CEO of bitFlyer Holdings, in a July 26 X post.“A company is needed that has the security technology to safely store the physical BTC that will serve as the ETF’s backing asset. Through our custody business, we aim to become a public service that serves as an industry infrastructure.”

FTX Japan was part of the infamous FTX exchange, once the world’s second-largest crypto exchange by trading volume, which collapsed in November 2022, causing at least $8.9 billion in lost user funds.

Related:Ether’s ‘most obvious bullish setup’ is set for H2 2024, says former Wall Street traderThe first Japanese crypto ETFs are just a matter of time: bitFlyer CEO

The acquisition of FTX Japan could bring the crypto industry one step closer to the first crypto ETF launching in Japanese markets.

The launch of Japan’s first crypto ETFs is only a matter of time, according to Kano, who added:“In the United States, the inflow of funds from institutional investors has accelerated since the listing of the Bitcoin ETF. I believe the day will come when ETFs will be listed in Japan.”

ETFs can significantly contribute to the underlying crypto asset’s price appreciation. For Bitcoin (BTC), ETFs had accounted for about 75% of new investment in the world’s largest cryptocurrency by Feb. 15, as it surpassed the $50,000 mark.How ETFs are reshaping the crypto markets. Source: Cointelegraph

Related:EU markets will pave the way for first Ether staking ETF: dYdX CEOJapanese crypto ETFs in the spotlight following Franklin Templeton’s new venture

In another major development for crypto ETFs, asset management giant Franklin Templeton is partnering with SBI Holdings to establish a new crypto ETF management company.

The two firms officially signed a memorandum of understanding for the joint venture on July 26, according to an announcement shared with Cointelegraph.

The new joint venture may also see the launch of the first spot crypto ETF in Japan, a Franklin Templeton spokesperson told Cointelegraph:“It is expected that the joint venture will provide a diversified range of investment solutions, including Franklin Templeton’s existing ETFs. As regulations on digital assets and cryptocurrencies continue to evolve in Japan, the new joint venture will launch related products subject to regulatory approval.”

The announcement came shortly after the launch of the first spot Ether ETFs in the United States, which went live for trading on July 23.

Magazine:Pudgy Penguins lands in Pixelverse, Ether ETFs, and more: Hodler’s Digest, July 14–20# Cryptocurrencies# Altcoin# Japan# Business# Ethereum# BitFlyer# FTX# Ethereum ETF# ETFAdd reaction