Major Development for FTX – FTT Price Makes a Sudden Jump

According to the latest development, Bitflyer has decided to purchase FTX’s Japanese unit.

After the news emerged, there was a sudden increase in the price of FTT, the token of the FTX exchange.

Minute chart showing the rise in FTT price.

Its Japanese subsidiary, FTX Japan, was temporarily unable to give assets to its customers and some activities were ordered to be stopped by financial authorities.

The company had been looking for a buyer for its Japanese subsidiary, but sources say BitFlyer’s parent company, a major industry company in the same industry in Japan, is making arrangements for a takeover.

Depending on the progress of proceedings in the US court, Bitflyer is expected to purchase all shares and take over the business, with the purchase price estimated to be several billion yen.

The number of cryptocurrency wallets in Japan surpassed 10 million at the end of April this year, triple the number five years ago, according to the Japan Cryptoasset Traders Association, but security and user protection are still issues.

*This is not investment advice.

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