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ARTICLE  

Yahoo Japan confirmed to buy 40% stake in BitARG, a Tokyo-based cryptocurrency exchange.

Yahoo Japan will be acquiring a 40% stake in Tokyo-based cryptocurrency exchange with services expected to be launched later in the year. Yahoo Japan is #4 in user traffic and is highly popular in the country. Buying a stake in BitARG will help Yahoo Japan enter the cryptocurrency sector.

CNN News writes:

ARG announced it would accept the minority takeover from ‘Z Corporation’, Yahoo Japan’s wholly owned subsidiary [...]

While financial terms of the deal have been withheld, a Reuters report is citing unofficial figures of the capital to be ‘likely’ between 2 billion – 3 billion yen, between $18.5 million and $27.8 million, for the 40% stake in BitARG, a cryptocurrency exchange which has notably been granted a license from the country’s Financial Service Agency (FSA) to operate a domestic cryptocurrency trading platform.

As reported previously, Yahoo Japan is also set to make additional investments through other subsidiaries over the course of 2019 to scale up BitARG’s operations.

Yahoo’s marked foray into the cryptocurrency sector is the latest example of a traditional corporate giant to invest and, in multiple cases, launch and operate a cryptocurrency exchange in Japan [...]





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