Yahoo! to enter the cryptosphere sooner than ever
Yahoo! to get into cryptosphere. Once, one of the biggest internet company, Yahoo! Has acquired a cryptocurrency exchange platform which is already a Japanese regulatory approved exchange. Yahoo! Is planning to roll out the crypto exchange platform by this year-end.
Last week Friday, the company came up with a big news that it is going to get into cryptosphere by launching a cryptocurrency exchange. The company will be launching ‘easy-to-use exchange’ for cryptocurrency users.
Yahoo! Japan, which was found as a joint venture between Yahoo! & Softbank continue to rule the Japanese internet market. While Yahoo! Is not having a good time since the late 2000s.
Yahoo! Japan confirmed that they’ve purchased 40% stake in a crypto exchange, Bitarg Exchange Tokyo Co. Ltd. “Total 2 billion to 3 billion yen ($18.6 million to $27.9 million), Reuters reported. The remaining 60% is still owned by CMD Lab, the parent company of Bitarg.” Said a person familiar with this matter.
“We decided to expand the virtual currency business by collaborating with Z Corporation,” CMD Lab Representative Director Yoon Hee Yuan said. However, last month Bitard denied the acquisition.
“Today, the company decided to accept capital participation from Z Corporation…the company will be able to utilize the service operation and security expertise of the Yahoo Japan Group, which will make it easier for customers, [in order] to prepare for the start of the exchange service managed by the company and to improve the operation after the commencement.”
Bitarg was founded in May 2017 and for some reason it stopped the services in Aug 2017, as noted by Business Insider Japan. Furthermore, the company earned the license Financial Services Agency(FSA) to trade Bitcoin last December. The exchange has not been functional since April 13th, 2018.
“The FSA is stating that [their] review will be tightened for new registrations of virtual currency exchanges, and it will be difficult to enter [the space] without [the] acquisition [of existing exchanges].” Vice President of Yahoo! Japan, Sankei said.
The FSA has been busy inspecting all the cryptocurrency exchanges in Japan, also improving measures or suspension orders to those who were not worthy to be in the business. Since one of the leading cryptocurrency exchanges in Japan, Coincheck was hacked, 6 companies have withdrawn their application to operate as a cryptocurrency exchange firm in Japan.