As per reports, a brand-new platform for crypto exchange will come into the market after one year of development. Interestingly, Yahoo Japan has a prime stake in this new exchange.
Reportedly, the new crypto exchange will go by the name Taotao and would go live on 30th May. It will be available at midday.
According to the website of Taotao, it will offer a mobile application besides the platform. Also, at the launch, the exchange will offer BTC and ETH trading. Additionally, the exchange will make leverage available to those who are interested like traders. It will add more crypto into the options available for trading. Precisely, Taotao will include three crypto assets, namely, Ripple or XRP, Litecoin or LTC, and Bitcoin Cash or BCH.
Further, the Financial Services Agency regulates Taotao as a business of virtual currency exchange. And, the website of Taotao flaunts the registration number proudly. For the record, the registration number that FSA provided Taotao is 00001.
Yahoo Japan owns 40 percent stake the new exchange, bought in March 2018
The fact that it has early registration goes to its previous license by FSA. As per matter of fact, the previous iteration of the exchange goes by the name BitARG. Interestingly, Yahoo Japan owns about 40 percent stake in this exchange, which it bought last March. Yahoo Japan took the stake to develop an exchange platform with the use of technology of BitARG.
However, CMD Lab Inc. holds the other 60 percent stake of the exchange. But, Yahoo Japan indeed holds a 40 percent stake with its subsidiary which goes by the name Z Corporation.
Previously, in March 2018, Yahoo Japan purchased a 40 percent stake of BitARG for 2B Japanese Yen. This sum approximates to about $18.2M. Amid crypto breakdown, Yahoo Japan made such a massive investment in Q1 of 2018. Undoubtedly, with this move, it became clear that crypto industry is not fading. It further strengthened this conviction. Hence, if the firm launches the platform in this bullish market trend, it will likely get impressive returns.
Bakkt to test for user acceptance in July
Meanwhile, another crypto trading platform will debut in the upcoming time. Reportedly, Bakkt will test for user acceptance in July. As per matter of fact, ICE or Intercontinental Exchange backs Bakkt. Unlike the newbie, Taotao, Bakkt will offer the trading option for Bitcoin Futures.
Originally, Taotao planned is market debut in the middle of May. But, the exchange postponed the debut last minute and did not provide the reason for the same.
Reports suggest the current Bull Run in the crypto industry fuelled its popularity around the world. As a result, the popularity reached Japan and its traders and inspired them to make big positive decisions. Similarly, domestic platforms witness about threefold increment in the account openings.
On the other hand, regulators try to control the crypto market tightly. It is due to many hacks that went publicized highly. It includes some with massive losses of about a half billion dollars. Therefore, FSA announced to review AML or Anti-Money Laundering activities of crypto exchanges by Financial Action Task Force.