Yahoo Japan to launch its own Cryptocurrency Exchange

As reported by a local newspaper, Yahoo Japan going to launch its own cryptocurrency exchange in April 2019 or later. To start off, it will pair up with BitARG Exchange Tokyo until next month and will start working on the new exchange.

Possible Tie Up

According to the reports, Yahoo Japan next month will acquire 40% of operator BitARG Exchange Tokyo. Also, Yahoo will make additional investments in BitARG early in 2019. BitARG is a registered cryptocurrency trading platform approved by the FSA in December 2017. The two companies have reported their capital tie-up plan to the FSA. According to the reports, Tokyo’s YJFX will make the purchase of BitARG shares. YJFX is a wholly owned Yahoo subsidiary that operates foreign exchange transaction services. YJFX will pay about 2 billion yen ($19 million) for a 40% stake in BitARG. Outstanding shares and the newly issued stock will make the stake. Another Yahoo group company will make the additional investments from January to March 2019. Starting next month, YJFX will send its executives and engineers to BitARG to spend about a year developing the new exchange system.

Denial of BitARG

However, officials of BitARG have denied confirmation of any such deal. In a notice posted on BitARG’s official website, representative director Yoon Hee Yuan said that the exchange has not agreed to any deals. His official words were:

“Based on the recent developments in the virtual currency industry, we are studying various possibilities, including investments and partnerships with other companies, in order to further strengthen our system and management, but we have not made any decisions at present,”

BitARG specifically refuted a report from Nikkei Asian Review, which alleged that the exchange would sell a 40-percent stake in its business to Yahoo! Japan next month. Nikkei contended that the companies had reported their partnership to Japan’s Financial Services Agency (FSA).

 

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