Yahoo Japan is planning to purchase a minority stake of 40% in a Tokyo based cryptocurrency exchange called BitARG. This is a remarkable journey of traditional companies to enter into digital currencies. Currently, Yahoo is #4 popular sites in Japan and 40th largest auction online site in the world.
Yahoo Japan is featuring to endorse company for the stakes which are bought from the companies. As certain facts are not revealed to the general public, few reports state that the value of the transaction is between 2-2 billion yen. The value is somewhere around 18.5 and 27.8 million dollars.
Financial Service Agency of Japan
As Financial Service Agency (FSA) of the country gave certain rights to BitARG, Yahoo Japan come with an idea to trade with cryptocurrencies. BitARG is been given certain rights to operate in the country and perform domestic transaction utilizing cryptocurrencies.
You might be surprised to know that Yahoo is an example for many giants of finance companies that are stepping forward in crypto markets. Earlier Monex, Japanese brokerage firms purchase 100% of Coincheck’s tokens. Even though Coincheck has been bullied for losing $530 million during the sale of NEM tokens, Monex invested in the same company.
Firms planning to enter the crypto exchange
Further, Japanese giant SBI is also planning to launch its own cryptocurrency exchange. One of the well-known firms is also striving hard to enter the crypto market that has a market capitalization of over $9 billion USD and more than 600 million registered users. They also filed an appeal with FSA to launch their own crypto exchange business in Japan.
For more updates on crypto news, Visit:- Coinpedia
Image Source:- Yahoo