Yahoo! Japan has confirmed that it is entering the crypto space by acquiring a stake in a Japanese cryptocurrency exchange that is already licensed by the country’s financial regulator. The company plans to launch a crypto exchange in the fall of this year.
Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies
Yahoo! Enters the Crypto Space
Founded in January 1996 as a joint venture between Yahoo! and Japanese multinational conglomerate Softbank, Yahoo! Japan continues to dominate the Japanese internet industry while Yahoo! has been declining in popularity since the late 2000s.
“We decided to expand the virtual currency business by collaborating with Z Corporation,” CMD Lab Representative Director Yoon Hee Yuan confirmed.
A Stake in a Licensed Exchange
Last month, Bitarg denied reports of Yahoo! Japan’s investment in the company, stating that many possibilities were being explored. However, Bitarg posted a notice on its website on Friday, stating:
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.
In a recent interview with Sankei, Yahoo! Japan Vice President Kentaro Kawabe explained:
The FSA is stating that [their] review will be tightened for new registrations of virtual currency exchanges, and it will be difficult to enter [the space] without [the] acquisition [of existing exchanges].
The FSA has been inspecting all cryptocurrency exchanges in the country and actively issuing business improvement and business suspension orders, following the hack of Coincheck. Six companies have already withdrawn their applications to operate crypto exchanges in the country.
What do you think of Yahoo! Japan entering the crypto space? Let us know in the comments section below.
Images courtesy of Shutterstock, Bitarg, CMD Lab, and Yahoo! Japan.
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The post Yahoo! Japan Confirms Entrance Into the Crypto Space appeared first on Bitcoin News.
Source: Bitcoin.com