- Yahoo Japan to acquire 40 percent of BitARG Crypto Exchange Tokyo has plans to launch a
- This is its first step to launching own cryptocurrency exchange.
Tokyo, Japan: This is an update on the earlier report released last month where Yahoo Japan, a Japanese arm of Yahoo, disclosed its plan to launch a Cryptocurrency Exchange next year 2019 and considering acquiring BitARG Crypto Exchange Tokyo as a first step.
Latest report reaching cryptona.co revealed that Yahoo Japan has confirmed its move to acquire a minority stake – 40 percent – in BitARG, a cryptocurrency exchange based in Tokyo – with operations set to commence later this year. This will pave ways for the internet giant-Yahoo! to enter the cryptocurrency sector. Yahoo! Japan is one of the most popular sites in Japan and currently ranks No. 4 by user traffic in Japan and No. 40 globally. Yahoo! Japan is also Japan’s largest online auction site.
BitARG has also declared that it would accept the minority takeover from the domestic subsidiary of Yahoo! Japan – Tokyo’s YJFX. BitARG operator added:
“As a result of this capital participation, 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 to prepare for the start of the exchange service managed by the Company and to improve the operation after the commencement We will promote the provision of secure exchange services.”
Though the financial terms of the purchase deal are not yet disclosed, Reuters cited that the 40 percent stake should likely cost between 2 Bln to 3 Bln yen ($18.5 Million to $27.8 Mln). As previously reported, Yahoo! Japan will also make additional investments via other subsidiaries from January to March 2019 via another Yahoo group company to scale up BitARG’s operations.
About a week ago, Monex Group confirmed its full acquisition of Coincheck – an embattled crypto exchange – with billions of Yen.
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