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Yahoo! Japan-backed Cryptocurrency Exchange Set To Launch In May

yahoo!japan march26 lt

Japanese cryptocurrency exchange Taotao, which is backed by Yahoo! Japan, will reportedly start trading services in May.

Taotao, formerly BitARG Exchange, will initially trade two cryptocurrencies, Bitcoin and Ethereum. In addition, it will introduce margin positions for three more cryptocurrencies including Litecoin, Bitcoin Cash and Ripple.

The exchange, 40 percent owned by YJFX, a subsidiary of Yahoo! Japan, has initiated a pre-launch campaign and also started the onboarding process for its potential clients. Prospective users can participate in a promotional giveaway scheme by signing up for an account.

As a part of the promotional campaign, the exchange is offering 1,000 Japanese yen to its 500 random future clients, if they trade more than 250,000 yen worth digital assets, reports said.

In March last year, Japan's Nikkei Asian Review had reported that Yahoo Japan, which dominates the Japanese internet, was planning to establish itself in the cryptocurrency business by taking a stake in a bitcoin exchange. The report said that Yahoo! Japan would buy 40% of BitARG through its foreign exchange business unit YJFX.

Yahoo! Japan then plans to open a full-fledged cryptocurrency exchange "in April 2019 or later," the Nikkei report said.

Taotao reportedly has gained regulatory approval to launch on the Japanese market, despite the strict monitoring by regulators following several hacks and thefts in the industry.

Yahoo Japan is a joint venture between Altaba, the U.S. investment company created after Verizon's acquisition of the American internet company Yahoo, and the Japanese conglomerate SoftBank.

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