The administration of DMM Bitcoin intends to cease all operating activities as an independent legal entity, and also sell its assets to the cryptocurrency exchange SBI VC Trade, a subsidiary of the financial corporation SBI Group.
The transition is expected to be seamless for users and once the integration is complete, SBI VC Trade will continue to provide similar services on its trading platform. The transfer of DMM Bitcoin assets to SBI VC Trade is scheduled to be completed in the first quarter of 2025.
In June, DMM Bitcoin announced its intention to raise 50 billion yen ($321 million) from affiliated companies to purchase bitcoins to compensate customers affected by the hack.
According to experts from the Arkham platform, the Japanese exchange SBI VC Trade has joined a pool of five crypto exchanges working with the trustee of the collapsed MtGox exchange to distribute funds among creditors.
Source: Bits
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