Yahoo Japan will be purchasing a stake in cryptocurrency exchange BitARG according to an announcement by BitARG’s parent company ARG.
Reports were doing the round that Yahoo Japan had been eyeing to enter the nascent but lucrative space. Now, Z Corporation, Yahoo Japan’s subsidiary is set to purchase a 40% stake in BitARG. According to an anonymous source reporting to Reuters, the total deal value for the stake would be in the range of 2-3 billion yen.
According to ARG,
As a result of this capital participation, the Company will be able to utilize the service operation and security expertise of the Yahoo Japan Group, which will make it easier for customers to prepare for the start of the exchange service managed by the Company and to improve the operation after the commencement We will promote the provision of secure exchange services.
Importantly, BitARG is one of the 15 exchanges that have been provided a license by the Japanese financial regulators, the FSA (Financial Service Agency).
According to the Nikkei Asian Review, Yahoo Japan may use BitARG’s tech to launch its own cryptocurrency exchange in 2019.
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