One of the latest Crypto Exchange which is backed up by Yahoo Japan is about to launch its services after a year of development. The crypto platform declared on Twitter on Sunday that it will start its trading service on May 30, at midday local time.
The media corporation Yahoo! Japan owns 40% stake in Crypto Exchange TaoTao through its subsidiary Z Corporation along with CMD Lab Inc. owning the rest of the 60 percent. Currently, the platform only supports trading in Bitcoin (BTC) and Ether (ETH). However, margin trading is accessible in Litecoin (LTC), XRP, and Bitcoin Cash (BCH) along with BTC and ETH.
TaoTao to launch its service just after a year Yahoo! Japan acquired 40% of the trading platform's equities. The Exchange was popularly known as BitARG and was sold to Yahoo back in 2018. During that time, it was noted that,
“The purchase of BitARG shares will be made through Tokyo’s YJFX, a wholly owned Yahoo subsidiary that operates foreign exchange transaction services.”
There have also been rumors that the firm has paid around 2 million yen for its stake, which comes due to increasing interest in the Japanese Exchange Sector.
TaoTao has previously scheduled to enter the market in Mid-may, however, the firm delayed the launch without mentioning anything about it. The exchange might become successful as the price of the cryptocurrencies is increasing since April 2019. Due to this drastic change, various Japanese traders are showing a renewed interest in cryptocurrencies. Latest reports also suggest that Japanese exchanges have 3x more users signing up.
TaoTao was got official license to operate as a crypto exchange business by the Financial Services Agency. It's official website proudly display the registration number 00001. Currently, the website offers easy "registration/ sign in" via Yahoo accounts.
The financial regulators of Japan have carried out strict legislative measures because of some serious hacks which happened last year. It has been noted that Japan's Financial Services Agency will be verifying the Anti-Money Laundering (AML) measures of exchanges before the Financial Action Task Force begins its own International Inspection.