Yahoo Japan to Launch Cryptocurrency Exchange

By Ray Crawford·23 March 2018·1 min read

Key Points

Yahoo Japan is stepping into cryptocurrency trading.
The company plans to purchase a 40% stake in BitARG Exchange Tokyo next month, according to the Nikkei Asian Review.
Through YJFX, its forex platfo

Yahoo Japan is stepping into cryptocurrency trading. The company plans to purchase a 40% stake in BitARG Exchange Tokyo next month, according to the Nikkei Asian Review. Through YJFX, its forex platform subsidiary, Yahoo will spend 2 billion yen ($19 million) for the shares, a mix of newly issued stock and existing holdings.

728×90

BitARG operates with a license from Japan's Financial Services Agency. Yahoo doesn't plan to stop with a minority stake. The company plans to develop its own exchange using BitARG's underlying platform. YJFX's engineers and executives will take the lead on building the new trading venue, designing its security infrastructure, governance frameworks, and customer management systems.

Yahoo expects to increase its investment in the first quarter of 2019, between January and March.

The FSA intensified enforcement after Coincheck lost $533 million to hackers in January. The agency handed out month-long suspensions to two exchanges and sent a formal warning to Binance, the Hong Kong-based platform, over its lack of Japanese registration. Chinese regulators banned domestic exchanges, leaving Japan as the region's crypto trading hub. The country's relatively open regulatory stance attracts mainstream companies to develop their own cryptocurrency products. Yahoo's investment signals confidence in Japan's position.

MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.

728×90