Cryptocurrency and the Blockchain technology are here to stay – that’s a fact. And it’s interesting to watch more and more major companies realise that.
Recently there had been many news of large companies going crypto. Ford filed a patent for Blockchain-based token exchange for its vehicles. Coca-Cola entered a project with the US Sate Department to fight forced labor using Blockchain. UK Barclays bank signed a deal with cryptocurrency exchange Coinbase, while Dutch Rabobank develops its own cryptocurrency wallet.
Now Yahoo! Japan confirmed that it is also entering the crypto space. The company announced that it will launch an “easy-to-use exchange” for cryptocurrencies in the fall of 2018.
Yahoo! purchased 40% stake in a Bitarg Exchange Tokyo Co. Ltd. via its subsidiary, Z Corporation. The deal is likely to “total 2 billion to 3 billion yen ($18.6 million to $27.9 million),” according to a person close to the source. The remaining 60% is owned by CMD Lab, Bitarg’s parent company.
CMD Lab Representative Director Yoon Hee Yuan confirmed that the company “decided to expand the virtual currency business by collaborating with Z Corporation,”
Bitarg posted a notice on its website on Friday:
“Today, the company decided to accept capital participation from Z Corporation…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, [in order] to prepare for the start of the exchange service managed by the company and to improve the operation after the commencement.”
Bitarg is already licensed by the country’s financial regulator. The Financial Services Agency (FSA) issued a licence for Bitarg to trade Bitcoin (BTC) in December last year.