Search Engine Giant Yahoo Backing Japan-Based Crypto Exchange
While prices are moving slow, the cryptocurrency sector is quietly booming, and everyone wants a piece of the action!
Earlier this year, TAOTAO changed its company name from Bit Argo Exchange Tokyo, following the acquisition of a 40% stake in the company by Yahoo’s subsidiary, Z Corporation. The stake cost Yahoo $19 million at the time.
“The Company has decided to accept capital participation from Z Corporation Ltd. (hereinafter referred to as Z Corporation), a wholly owned subsidiary of Yahoo Japan Corporation (hereinafter referred to as Yahoo).” – TAOTAO
Yahoo seeks to expand in the direction of the cryptocurrency industry through its subsidiary, Z Corporation. The online giant’s planned move into the crypto sector was revealed back in 2018 and is yet another established corporation announcing plans to enter the emerging blockchain and cryptocurrency industry.
Japan-based exchange TAOTAO will begin trading in mid-2019, with a pre-registration process already in process. Upon its official launch, BTC and ETH will be supported, with future plans to support other popular cryptocurrencies, such as XRP, BCH, and LTC.
Japan boasts one of the biggest markets in the digital asset sector. It’s home of the notorious Mt Gox incident and the attack on Coincheck (resulting in over $500 million of NEM being stolen), so Japan’s financial authorities wield greater experience than most when it comes to the world of digital assets and the risks involved.
Because of these incidents and the growing market, Japan’s Financial Services Agency (FSA) makes it a requirement for exchanges operating within its jurisdiction to gain a licence to trade cryptocurrencies with fiat currencies. TAOTAO is one of the few that holds the licence and meets the criteria for trading in Japan.
Yahoo Japan and Soft Bank Group Could Make Japan’s Crypto Market Their Playground!
With Yahoo and other giants, such as Soft Bank Group, at the helm of Japan’s blockchain and digital asset sector, the trends from Japan will likely continue to influence the emerging digital currency sector on a global level.
Launching a Japan-based digital exchange of its own, Soft Bank is one of the leading blockchain investors, with investments in R3, Ripple, and many others.
Soft Bank and Yahoo Japan already have a working alliance, and the leading bank seeks to “strengthen its ties with Yahoo Japan” in the areas of e-commerce and smartphones.
While not affecting TAOTAO directly, this can still strengthen its position as a dominant player in the cryptocurrency sector. Alongside the anticipated launch of SBI Virtual Exchange set for 2019, the two regulated and strongly-backed exchanges could enable a wall of Asian institutional investments to flow into the cryptocurrency markets.
This is not investment advice; please always do thorough research and only invest what you are willing to lose, especially in times of uncertainty.