Yahoo Japan is in the altcoin news and headlines for launching TaoTao – its official cryptocurrency trading platform. After acquiring a 40% share in TaoTao, YJFX (Yahoo Japan’s foreign exchange) platform is now ready to launch the crypto platform and let users trade on it.
TaoTao (which was previously dubbed BitARG) sold its 40% share to Yahoo Japan in 2018, setting BitARG up as a branded subsidiary of the firm. The crypto trading platform is under license by Japan’s FSA. As a Google translation of the announcement shows:
“Notice of Opening Date: We have been waiting for the service of virtual currency exchange “TAOTAO” to be launched from noon (plan) on May 30, 2019! Please wait for a while until the sales start.”
Currently, Japan is one of the leading jurisdictions for crypto. However, it has also developed a couple of trust issues with exchanges, especially with the Coincheck hack which led the exchange to lose more than $500 million in NEM and Mt. Gox which lost hundreds of millions in BTC.
So right now, Yahoo Japan is in stiff competition with Binance, which is the industry leader as the latest cryptocurrency news show. Both customer loyalty and the sheer number of supported cryptocurrencies show that.
Going back in time, we can see that Yahoo Japan acquired BitARG in 2018 and has since worked to close the deal, leading up to the exchange launch by the end of May 2019 despite he bear market. Even though the amount of the deal still remains disclosed, rumors featured on many best cryptocurrency news sites show that it involved JPY 2 billion which translates to around $19 million. Over the last year and as the deal developed, YJFX obtained a license from the Japanese FSA.
Right now, this move means a lot for crypto adoption. For one, it means that Yahoo Japan can assist with pushing cryptocurrency to the mainstream by offering a simple and trusted outlet where users can trade easily. When it comes to the actual cryptocurrencies that TaoTao is going to support, the coming altcoin news show that the exchange will focus on BTC and ETH trading in the beginning – and could later offer LTC, BCH, BTC, ETH and XRP trading after the official launch.
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