The Japanese unit Yahoo has acquired a minority stake of the exchange BitARG. So Yahoo, the fourth most popular website in Japan, and the main auction for the first time have linked your business with cryptocurrency sector.
Up to this point the pack was owned by Z Corporation, a subsidiary wholly owned by Yahoo Japan. About this ARG has announced via its official website, adding:
“Thanks to the capital raised, the company (ARG — approx. CoinMarket.News) can grow through operating experience and expert knowledge of Yahoo Japan Group in the field of security and prepare clients to work with our exchange”.
Although details of the deal are unknown, Reuters, citing unconfirmed reports, says that the cost of the package is in the range of two to three billion yen (USD 18.5 — 27.8 mln). For 2019 Yahoo Japan is going to commit a number of additional investments in BitARG through its subsidiaries.
Such agreements are not uncommon: many large corporations are funding, or base their own crypto currency exchange in Japan. So, Line messenger with 600 million users is planning to open a national trading platform in addition to the integration of cryptocurrency services with the main application.
By law, before opening new trading platforms must register with the financial services Agency. BitARG already received a license and will begin work before the end of this year.