The Japanese cryptocurrency exchange Taotao (which was known as BitARG before that) will start trading a limited pool of cryptocurrencies in May, according to Cointelegraph Japan and its reports on March 25th.
The exchange, which is 40% owned by a subsidiary of Yahoo! Japan, will start trading in Bitcoin (BTC) and Ethereum (ETH) and there will be margin positions available in three additional cryptocurrencies including the names of Litecoin (LTC), Bitcoin Cash (BCH) and Ripple (XRP).
As of today, the prospective users can sign up for an account and participate in a promotional giveaway scheme. Everything was coined in March last year, when Yahoo! Japan announced that it would acquire a major stake in the exchange through its subsidiary, YJFX.
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As the reports note:
“The pre-registration period is from today (March 25) to April 17. In addition to being able to receive 1000 yen in the “pre-registration campaign”, pre-registrants receive “1000 yen” in “lottery campaign” in which 500 people will get 10,000 yen if they trade more than 250,000 yen during the trading period. It will be possible to participate.”
Currently, sources suggested that the purchase had cost the company around 2 billion yen (which translates to $19 million) – a move that marks the internet giant’s first attempt in the crypto exchange world. Taotao has meanwhile gained regulatory approval to launch on the Japanese market.
As reported previously on our DC Forecasts crypto news site, Japan will impose strict monitoring on entities wishing to launch exchanges especially after a couple of hacks which placed an international spotlight on the industry.
Despite the licensing scheme which first appeared in April 2017, attacks and thefts have continued. For example, Coincheck suffered from the largest attack involving tokens worth over half a billion dollars in January 2018 but managed to return to the market after a buyout.
Earlier this month, new regulations were introduced and gained approval – mostly related to cryptocurrency margin trading.
Meanwhile, in April this year Yahoo announced its 40% stake in the Bit Argo Exchange Tokyo through its subsidiary Z Corporation, which is when the search giant officially entered the digital currency industry.
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