Published on juli 28, 2024, 12:35 am
Image source: Fox News
```json [ { "TLDR": "BitFlyer Holdings acquires FTX Japan, signaling potential for crypto ETFs in Japanese markets. The acquisition provides opportunities for crypto custody solutions targeting institutional investors. Industry gears up for Japan's first crypto ETFs following FTX history and noteworthy partnerships like Franklin Templeton and SBI Holdings focusing on innovative ETF products." } ] ```
BitFlyer Holdings has recently acquired FTX Japan, marking a significant move in the crypto industry as it lays the groundwork for potential crypto-based exchange-traded funds (ETFs) in Japanese markets. By acquiring 100% of FTX Japan’s shares, BitFlyer now has full ownership of this subsidiary.
This acquisition not only solidifies BitFlyer’s presence but also opens doors for offering crypto custody solutions tailored to institutional investors. Yuzo Kano, CEO of bitFlyer Holdings, highlighted these plans, emphasizing the intent to cater to institutional needs efficiently.
FTX Japan’s history is intertwined with that of FTX exchange, notable for being one of the world’s largest crypto exchanges until its collapse in November 2022. The fallout resulted in substantial losses amounting to at least $8.9 billion in user funds. However, BitFlyer’s acquisition of FTX Japan now positions the industry closer towards potentially launching Japan’s first crypto ETFs.
Kano expressed optimism about the future of crypto ETFs in Japan, emphasizing their role in influencing price dynamics within the crypto market. Notably, ETFs had accounted for a significant portion of new investments in Bitcoin by mid-February when the cryptocurrency surpassed $50,000.
Further shaping the landscape of crypto ETFs is Franklin Templeton’s collaboration with SBI Holdings to establish a new joint venture focused on managing crypto ETFs. This strategic partnership aims to pave the way for introducing innovative ETF products to investors. The announcement closely follows the recent debut of spot Ether ETFs in the United States, showcasing a growing interest and adoption of such financial instruments globally.
As developments unfold in the realm of cryptocurrency investments and regulation worldwide, all eyes are on how these initiatives will shape and evolve the broader financial landscape over time.
Original article posted by Fox News
