FTX, one of the world’s largest crypto exchanges, filed for bankruptcy in November 2021. As part of the bankruptcy proceedings, FTX has been approved to sell some of its assets in order to repay its customers.
The assets for sale include Embed, Ledger X, FTX Japan, and FTX Europe. Monex Group, a leading online financial institution that operates online retail brokerages in Japan, Australia, China (including Hong Kong), and the United States, is reportedly interested in buying FTX Japan out of the four assets put up for sale.
According to Bloomberg, Oki Matsumoto, Chief Executive Officer of Monex Group, acknowledged the company’s interest in FTX Japan, stating “Generally speaking, we are naturally interested.” Matsumoto did not comment on whether Monex Group is auctioning for the business, but said it would be a “very good thing” if the number of crypto exchanges competed with his firm, as it would mean less opposition.
Japan’s crypto market has seen a recent surge in popularity, with firms beginning to buy non-fungible tokens for marketing and digital coins as an investment. Matsumoto stated that Monex Group desires to position itself as one of the “few choices” for consumers in the crypto market.
With the bankruptcy court working on the FTX case, FTX Japan customers can breathe a sigh of relief as withdrawals are set to resume in February 2023.
However, Monex Group isn’t the only company interested in buying FTX assets. According to a court filing from January 10, there are approximately 117 entities that are willing to purchase FTX belongings.
Around 50 parties are interested in Embed, 41 are showing interest in FTX Japan, 56 are keeping an eye on LedgerX, and 40 want FTX Europe, as per the Court’s documentation.
The “preliminary bid deadline” for the properties that have been put up for sale has been set between January 18 and February 1, 2023. The deadline for submitting initial bids for FTX Japan and FTX Europe is February 1, 2023. Initial bids for Embed and LedgerX firms will not be accepted after January 18 and January 25, 2023, respectively.
In summary, FTX, one of the world’s largest crypto exchanges, filed for bankruptcy in November 2021 and is now selling some of its assets to repay customers. Monex Group, a leading online financial institution, is reportedly interested in buying FTX Japan out of the four assets put up for sale.
Japan’s crypto market has seen a surge in popularity, with firms buying non-fungible tokens and digital coins as investments. With the bankruptcy court working on the FTX case, FTX Japan customers can expect withdrawals to resume in February 2023. The preliminary bid deadline for the properties has been set between January 18 and February 1, 2023 with different deadlines for different assets.