Yahoo! Japan has confirmed that it is entering the crypto space by acquiring a stake in a Japanese cryptocurrency exchange that is already licensed by the country’s financial regulator. The company plans to launch a crypto exchange in the fall of this year.
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Yahoo! Enters the Crypto Space
Yahoo! Japan Corporation (TYO: 4689) announced on Friday that it is entering the cryptocurrency space. The company expects to launch an “easy-to-use exchange” for cryptocurrencies in the fall of this year, Nikkei elaborated.
Founded in January 1996 as a joint venture between Yahoo! and Japanese multinational conglomerate Softbank, Yahoo! Japan continues to dominate the Japanese internet industry while Yahoo! has been declining in popularity since the late 2000s.
Through its wholly owned subsidiary Z Corporation, Yahoo! Japan confirmed the purchase of a 40 percent stake in a crypto exchange called Bitarg Exchange Tokyo Co. Ltd. A person familiar with the matter said that the deal is likely to “total 2 billion to 3 billion yen ($18.6 million to $27.9 million),” Reuters reported. The remaining 60% is still owned by CMD Lab, the parent company of Bitarg.
“We decided to expand the virtual currency business by collaborating with Z Corporation,” CMD Lab Representative Director Yoon Hee Yuan confirmed.
A Stake in a Licensed Exchange
Last month, Bitarg denied reports of Yahoo! Japan’s investment in the company, stating that many possibilities were being explored. However, Bitarg posted a notice on its website on Friday, stating:
Today, the company decided to accept capital participation from Z Corporation…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,
