#YahooJapan | #CryptocurrencyInvestment
Yahoo Japan is taking a big dive into digital coins as it has been confirmed today that the tech giant will be acquiring 40% stake in BitARG, a cryptocurrency exchange firm.
Last month, BitARG denied the Yahoo’s stake news, which was published by some cryptocurrency websites, but the truth is now unfolding how the tech company is adding cryptocurrency trading to its investment portfolio.
Yahoo may not be doing well in some other parts of the world, but remains one of the most popular websites in Japan.
It is ranked No.4 by user traffic in the Asian country and No.40 globally…plus the fact that it remains the biggest online auction site in Japan.
The exchange operator said in a statement that:
“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.”
Yahoo’s capital in BitARG likely 2 billion – 3 billion yen
It’s still unofficial, but Reuters reported that capital could “likely” be between 2 billion – 3 billion yen, between $18.5 million and $27.8 million.
The cryltocurrency firm, BitARG, has Financial Service Agency (FSA) certificate to operate.
Yahoo is “openly” investing in cryptocurrency at a time the digital currency is facing bad press and anti-government policies in some parts of the world.
More acquisition in cryptocurrency world
Even though Coincheck’s security laxity was one of the major discussions in crypto world early this year, that hasn’t deterred its acquisition by a Japanese online brokerage Monex.
Monex confirmed its 100% acquisition some days back.
It’d be recalled that Coincheck was hit by hackers , when coincheck lost $530 million in NEM tokens from its wallet in January, 2017.
It’s described as the biggest online theft in cryptocurrency history.
Also, SBI, Japan’s banking giant, is warming up to launch and operate its own cryptocurrency exchange after strengthening security measures at a time when the FSA is ramping up its scrutiny of exchanges following the Coincheck theft.
Messaging giant Line, with a market cap of over $9 billion and some 600 million registered users and 200 million monthly active users, has also filed an application with the FSA to launch its own cryptocurrency exchange in Japan.
Line is believed to be positively exploring its user base to garner an advantage as it dived into the cryptocurrency.
We hope to see more great news in the crypto market, even in face of challenges.
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