Z Corporation, which is the daughter of IT giant Yahoo Japan, will soon acquire 40% of the shares of the Tokyo-based BitArG crypto exchange and thereby for the first time step into the territory of the cryptocurrency. This writes CCN.
Yahoo Japan is one of the most popular Japanese sites (it takes the 4th place on user traffic in the country, and the 40th – all over the world), as well as the largest in Japan site for online auctions.
“As a result of this acquisition, the company will be able to use the expertise of Yahoo Japan Group in such areas as security and service management, making it easier for customers to prepare for the launch of a trading service managed by the company, and for us to improve the performance of services for safe trading” in the statement of BitARG.
Financial details of the deal are not yet clear, although Reuters, referring to unofficial sources, says that 40% of BitARG shares cost Yahoo Japan about 2-3 billion yen (between 18.5 and 27.8 million dollars). The exchange itself has already been licensed by the Financial Services Agency (FSA) of Japan, which allows it to operate as a platform for trading cryptocurrencies.
Earlier it was reported that Yahoo Japan is preparing in 2019 to invest further in BitARG through other subsidiaries, thereby increasing the scale of the exchange.
This is not the first time a large corporation invests, launches and starts managing a Japanese crypto exchange. So, a week ago, the Japanese online broker Monex confirmed the purchase of a 100% stake in the crypto exchange Coincheck.
In addition, Japan’s banking giant SBI is also preparing to launch its own crypto exchange, although this initiative stumbled on tightening inspections by the FSA because of the theft that happened to Coincheck.
The Messenger Line (its market capitalization is $9 billion, the number of registered users is 600 million, the number of monthly users is 200 million) also recently applied to the FSA to open its own crypto exchange in Japan.