Yahoo Japan To Launch Its Own Cryptocurrency Exchange

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Yahoo Japan To Launch Its Own Cryptocurrency Exchange

Tech giant Yahoo announced recently that it’s planning to venture into the cryptocurrency before the year ends and also to build its own cryptocurrency exchange by early 2019. The firm has already applied for40% stake in BitARG. The acquisition will cost roughly $20 million and will comprise of outstanding shares of the company as well as the newly issued stock.

Yahoo Japan will venture into the cryptocurrency exchange by developing a new exchange platform that relies on the BitARG technology. BitARG has been approved by the Japanese financial regulator, Financial Services Agency (FSA) and is expected to obtain more investments from Yahoo Japan by the start of next year.

The company intends to immediately commence the development of the exchange and design various systems to support the corporate governance, security, and customer management. Yahoo Japan will purchase about 40% shares in BitARG through its subsidiary, YJFX.

The move comes at the time when Binance exchange is facing problems with the financial watchdogs over the registration issues. According to Zhao Changpeng, CEO at Binance, the financial regulator has issued them with a warning letter for operating in the country without valid registration documents.

The acquisition is expected to trigger more growth and development in the crypto exchange industry particularly in Japan and a few countries that have embraced the latest technologies including the Artificial Intelligence, and Blockchain technologies.

By April 2019, a section of engineers, developers and executives from the Yahoo Japan and BitARG will team up to develop the new exchange system. The already registration of BitARG will enable the company to easily launch operations in Japan.

Meanwhile, Yoon Hee Yuan Representative Director at Bit-Argo Exchange announced recently that the recent news about the acquisition of the stake at BitARG is not true. According to Yuan, the company is still investigating the potential opportunities in the market and though the firm is interested in the recent developments in the cryptocurrency industry, they are yet to partner with anyone on the same.

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