Yahoo Japan enters the cryptocurrency market

Z Corporation, a wholly owned subsidiary of Yahoo Japan, acquired a 40 percent stake in BitArg Exchange Tokyo , valued at 2-3 billion yen (approximately $ 18.6 – $ 27 million), according to Reuters. The exchange will be launched in the fall of 2018, Yahoo Japan said in a statement.

“By using the operation of the service and the security experience of the Yahoo group, we support the operation of exchanges operated by BitArgo Exchange Tokyo,” Yahoo Japan said, adding that it will seek to provide services that are “easy to use and secure”.

Rumors of the acquisition first surfaced in March, although at that time they indicated that Yahoo Japan would make the investment through its currency transaction platform, YJFX, not Z Corporation, as previously reported.

Japan is a center of industry with more than three million national “crypto-makers”, and Yahoo Japan’s investment news comes just days after the country’s financial regulator ordered the exchanges of Eternal Link and FSHO cryptograms to cease. it’s operations due to insufficient KYC procedures.

Also, in another notable acquisition this month, Grupo Monex announced that it reached an agreement to acquire the problematic Coincheck exchange, which suffered a major cut earlier this year.