«Z Corporation», a domestic subsidiary of Yahoo Japan will buy 40% of Tokyo-based cryptocurrency exchange BitARG, helping the tech giant to enter the crypto sector. Yahoo Japan is among the most popular websites in Japan and is also the country’s biggest online auction site.
«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», – said the exchange operator.
The financial terms of the deal have been withheld, but according to unofficial information figures of the capital to be likely between 2 billion – 3 billion yen (between $18,5 million and $27,8 million) for the 40% stake in BitARG, a cryptocurrency exchange which has been granted a license from Japan’s Financial Service Agency (FSA) to operate a domestic cryptocurrency trading platform.
Yahoo Japan is also going to make additional investments through other subsidiaries over the course of 2019 to scale up BitARG’s operations.