Yahoo! Japan Acquires Stake at Japan’s Crypto Exchange
April 16, 2018
The Japan-based Yahoo! Japan Corp enters the cryptocurrency market. The company has purchased a stake at the local crypto exchange and turned to be another Japan’s traditional financial services provider merging into the digital currency industry.
The company’s statement claims to acquire a 40%-stake at the Tokyo exchange BitARG Exchange Tokyo that is to start the coming fall. Some specific details haven’t been disclosed so far but as the source in the know reports, the trade value makes from 2 to 3 bln yen which equals to $18.6 and $27.85 mln respectively.
Remember, this is the second major deal made in Japan with cryptocurrency exchanges involved. Last week online broker Monex bought Coincheck exchange that got known globally for the late January hack. The trade value is alleged to amount to $33.5 mln.
Note that the hack has undermined confidence of the Japanese to cryptocurrency exchanges and triggered numerous inspections by the authorities. According to the recent deals however, the industry is gradually recovering credibility and attracting more investors.