One of Japan’s biggest financial companies, the SBI Group, has made a major move in the domestic market, snapping up a controlling stake in the TaoTao crypto exchange from Yahoo Japan, according to the press release on October 7.
Formerly 40% owned by internet giant Yahoo! Japan’s YJFX, TaoTao launched its crypto trading service in May 2019.
With this new acquisition, SBI now has two crypto trading platforms, SBI operates a crypto exchange of its own in Japan – SBI VC Trade – as well as a crypto mining subsidiary named SBI Crypto. It also runs the SBI-Ripple Asia blockchain network in conjunction with American crypto giant Ripple.
Yahoo Japan is the nation’s leading search engine. The firm is backed by SoftBank, which owns a 48% stake in the company Yahoo Japan. The website is the most visited website in Japan until, and its internet services are mostly dominant in the country.
As AZCoin News reported last month, SBI esports, a subsidiary of SBI Group has announced that its esports players would receive salaries in Ripple (XRP) going forward as part of a sponsorship deal with venture capital firm, VC Trade.
Read more:
- SBI Holdings Is Preparing To Launch Contract For Difference Trading For Major Cryptocurrencies
- SBI Invests $30 Million In Major Crypto Liquidity Startup Soon After Revealing Japan’s First Digital Fund Comprising 50% XRP