The Yahoo Japan, company will buy shares in a local exchange at a cost of 2 billion Yen. The cryptocurrency exchange will launch this April and success expected after one year.
Yahoo Japan will, reportedly, start a new cryptocurrency exchange tying up with BitARG — an exchange platform — in Japan. The platform will be an exchange for people to buy and sell Bitcoins. According to official sources, Yahoo Japan will acquire 40 percent of BitARG exchange as well as will launch the fully-fledged exchange in April 2019.
The company will buy shares in BitARG through a forex platform called YJFX, at a cost of 19 million USD or 2 billion Yen. There will also be an additional investment through another Yahoo company.
Yahoo Japan is a Japanese conglomerate of the internet giant Yahoo and Japanese company SoftBank.
Yahoo Japan is based in Tokyo and its website is most visited in the country. It is one of the founding members of Rakuten, an electronic commerce company in Japan, and yet another e-business association called Hiroshi Mikitani. However, it withdrew from the e-business association in March 2012.
The company says it will be successful after a year of implementation. It will hire engineers and executes for this reason and establish new structures in corporate governance.
Financial agency tightening regulations
The Financial Services Agency in Japan is advocating for security overhauls after hackers drained Coincheck of $550 million worth of NEM this last January. Not only has the regulator tightened regulation, but also Sixteen cryptocurrencies in the country formed a new self-regulatory organization.