News of an Acquisition for FTX: This Token Price Jumped!

BitFlyer, a major Japanese cryptocurrency exchange, is preparing to acquire FTX Japan. The acquisition plan for the local subsidiary of the world-famous bankrupt exchange FTX has been closed until now. However, according to the information obtained, this acquisition is currently in the final phase of the arrangement. Following this news, FTT, the local token of the stock exchange, started to move north!

BitFlyer buys FTX’s Japanese arm: FTT reacted to the development!

According to sources close to the matter, BitFlyer’s parent company has taken steps to acquire FTX Japan. The acquisition process is closely tied to ongoing procedures in the US court addressing FTX’s bankruptcy. Accordingly, BitFlyer is expected to purchase all shares of FTX Japan. Also, according to local media NHK, the Japanese crypto exchange will assume control of its commercial activities. The purchase price is expected to be in the range of several billion yen, reflecting the strategic consideration of FTX Japan’s position in the market.

Following this development, FTX’s local token FTT started to rise in the calm market. The token jumped from $1.59 during the day to over $1.70. FTT then continues to fly high, although it loses altitude slightly. The token is trading at $1.68 at the time of writing, up 6.4% on a daily basis.

FTT daily price chart. Source: CoinMarketCap

The process and effects of BitFlyer’s acquisition of FTX Japan

cryptokoin.com As you follow from , FTX was once a leading player in the global crypto market. However, in November 2022, he applied for Chapter 11 bankruptcy defense in the USA. Its founder and CEO, Sam Bankman-Fried, was tried and convicted in the United States. The exchange’s bankruptcy filing involved approximately 130 subsidiaries. Therefore, it emerged as the largest bankruptcy in the history of the crypto industry. Following this, FTX Japan faced operational restrictions. Among these was the temporary suspension of asset withdrawal processes due to an order from the Japanese financial authorities.

Following the bankruptcy in 2022, the collapsed stock market sought a buyer for its Japanese subsidiary. Therefore, the acquisition of BitFlyer is seen as a critical step towards consolidating the market. Moreover, BitFlyer is expected to heavily rebrand its FTX subsidiary to gain consumer trust amid ongoing legal issues. As the procedures conclude, stakeholders are closely monitoring the impact this acquisition will have on the broader crypto landscape in the country.

Japan is experiencing a boom in the crypto industry!

This acquisition comes at a time when the crypto market in Japan is experiencing significant growth. According to information from the Japan Cryptocurrency Exchange Association, the number of crypto accounts in Japan exceeded 10 million as of the end of April 2023. This means an increase of more than threefold in the last five years. Therefore, it is a very remarkable increase. However, despite this growth, issues regarding the security and protection of users continue to be a source of concern.