According to Taotao’s twitter page, the new crypto exchange of Japan might go live on 30th May noon.
Notably, with the fact that the Yahoo Japan backs the trading platform, it marks its arrival into crypto-sphere. Currently, the world of cryptocurrencies heavily floods with a bullish trend, making it the perfect time to strike. But everyone wonders how the newbie will dethrone its rivals at present and in the future. It would be tough for Taotao to make an impression on Japan’s complex market.
Back in 2018’s March, the first-ever report came about the cryptocurrency exchange. According to a local newspaper, it showed Yahoo Japan’s plan for a crypto exchange. Meanwhile, it also showed the plan of the corporation to acquire about 40% shares of BitARG. Further, the corporation also had aimed for a fully fledged crypto exchange platform to lunch around 2019’s April.
Reportedly, the purchase plan of Yahoo Japan came in the way through YJFX of Tokyo. As per matter of fact, YJFX is a retail broker for foreign exchange. Interestingly, Yahoo Japan owns this firm.
BitARG denied deals initially but later confirmed the acquisition
Initially, the firm BitARG denied any such deals but later reported came for the confirmation. Both the companies BitARG and Yahoo Japan confirmed the acquisition. As per different reports, the 40 per cent shares cost Yahoo Japan around 2 to 3 B yen.
For records, Yahoo Japan is the joint venture of Yahoo and SoftBank. In real, Yahoo is an internet company in America, whereas SoftBank is a Japanese firm. Yahoo Japan is the largest payment processor and internet service provider in Japan. Surprisingly, the company surpasses biggies like Google, PayPal, etc. in respective fields.
Previously, local newspapers revealed that senior managers, along with engineers of YJFX, went to BitARG. This movement happened in April 2018. Reportedly, the mission aimed to develop an exchange system and to work on some corporate things. Such things were, for instance, governance structure, customer management system, internal controls, etc. The new exchange is based on the system of BitARG.
Taotao re-enters the market instead of entering it-Maurizio Raffone, Finetiq Limited’s CEO
Back in 2017’s December, Taotao obtained automatically the permission from FSA for crypto trading. On the contrary, Finetiq Limited’s CEO, Maurizio Raffone, says that Taotao re-enters the market instead of entering. Further, he says that the exchange uses the financial muscle and market expertise of Yahoo Japan.
However, in March, users were able to sign up in Taotao account. And, they could participate in promotional schemes. Originally, the platform was to launch in the middle of May. But, it postponed indeed without a clear explanation.
Moreover, the new exchange initially will be available for Japanese clients only. While it is unclear that it will expand or not, Taotao does not give any comment on it.
Contrarily, BitARG cleared to provide service in the mare of Japan even if YJFX purchased it. The exchange remarkably secured its license from the FSA or Financial Service agency. Ad per matter of fact, FSA acts as a national regulator for financial services.