Yahoo! Japan To Launch Cryptocurrency Exchange Soon

Yahoo! Japan Plans To Open Crypto Exchange In 2019

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  • Yahoo! Japan has plans to launch a cryptocurrency exchange in 2019.
  • It has taken the first step next month by acquiring 40 percent of BitARG Exchange Tokyo.

Tokyo, Japan: According to a report obtained from local media Nikkei Asian Review today, the Japanese arm of the internet giant- Yahoo! is making plans to launch a cryptocurrency exchange. The report added that as a first move, Yahoo! Japan will purchase 40 percent of operator BitARG Exchange Tokyo next month before launching a full-blown crypto exchange “in April 2019 or later.”

Immediately after the purchase of BitARG Exchange Tokyo next month, Yahoo! Japan will dispatch executives to lay the foundations for the Yahoo Japan exchange that should commence operations next year but based on BitARG’s system.

Also read: US Plans To Lower Funding For Bitcoin Futures Watchdog

Yahoo! Japan says it will make additional investments in BitARG Exchange Tokyo, a company that has its license from the Financial Services Authority (FSA) since December 2017. The Nikkei Asian Review report states that:

“The purchase of BitARG shares will be made through Tokyo’s YJFX, a wholly owned Yahoo subsidiary that operates foreign exchange transaction services,” adding that the 40 percent stake will cost the Yahoo! 2 billion Yen (about $19 million). The stake will be made up of outstanding shares and newly issued stock.

The additional investments will be made from January to March 2019 via another Yahoo group company. This move by Yahoo! Japan would add an additional big name to Japan’s fledgling regulated crypto exchange arena.

On March 22, the FSA made headlines in cryptocurrency of its own, after Nikkei claimed the FSA wants to bar Binance – the world’s largest exchange – for failing to register as an operator. Although, both Yi He, Binance co-founder, and Changpeng Zhao, Binance CEO have disproved the reports, yet the news caused the price of Bitcoin to drop by 5%. However, today, March 23, it has been confirmed by Zhao that Binance is seeking to relocate to Malta, calling the island nation “very progressive when it comes to crypto and fintech.”

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