BitARG, the Japanese cryptocurrency exchange, has officially announced that Yahoo Japan is acquiring 40 percent stake in the exchange. The cost of acquisition will reportedly amount between 2 to 3 billion yen. Yahoo Japan, after Monex, is the newest entry into the crypto industry.
It has been confirmed that Yahoo Japan Corporation, a Japanese Internet company is bu8ying the minority stake i.e. 40 percent in the Tokyo-based cryptocurrency exchange BitARG. Somewhere around ¥2 billion to ¥3 billion, i.e. $18.6 million to $27.9 million is estimated to have been the deal.
After Coincheck’s acquisition by Monex for $34 million, Japan Yahoo is the largest Japanese company to join the cryptocurrency industry. And this deal means the support of the mainstream companies to the highly volatile and controversial sector. It is expected that it will be launched in the autumn.
Yahoo Japan Corporation has been a joint venture between American company Yahoo and Japanese company SoftBank Group which is a multinational conglomerate that operates in the information industry.
Earlier this month, BitARG had denied the prospect of any such investment from Yahoo Japan, claiming, on the other hand, that they have been exploring various other possibilities. Local media sources have also reported that the final agreement has also been reported to the Japanese Financial Services Agency.
In January, the Japanese Financial Watchdog, FSA, took serious measures and toughened its regulations to protect customers interest after the Coincheck hack that resulted in the loss of about $530 million worth of cryptocurrencies.
Coincheck has been acquired by Monex Financial Group while other large corporations like Line Corp and SBI Holdings Inc. are trying to enter the crypto market.