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Saturday, 14 April 2018

Yahoo Japan now owns a half of Cryptocurrency Exchange in Tokyo

News Development: Z Corporation, a subsidiary wholly owned by Yahoo Japan, acquired a 40 percent stake in BitArg Exchange Tokyo, valued at 2-3 billion yen (about $18.6 -$27 million), according to
Reuters. The exchange is set to launch in the autumn of 2018.

In a Statement, Yahoo Japan commented:
"By utilizing the service operation and security expertise of the Yahoo group, we support the operation of exchanges operated by BitArgo Exchange Tokyo," adding that it will aim to provide services that are "easy to use and safe."
The rumors of the acquisition first emerged in March, though at the time they indicated that Yahoo Japan would make the investment through its forex transaction platform, YJFX, not Z Corporation, as previously reported.

Read Also: Bitcoin and Crypto Users/Investors Should Brace Themselves For What Is Possibly Coming

According to recent survey, Japan is an industry hub with more than three million domestic crypto traders, and the news of Yahoo Japan's investment comes just days after the country's financial regulator ordered crypto exchanges Eternal Link and FSHO to cease operations due to insufficient KYC procedures.

Thus, on Friday Yahoo Japan confirmed that it has purchased a minority stake in a Japanese cryptocurrency exchange.

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