Yahoo Japan is buying a 40% stake from BitArG, a Tokyo-based brokerage that will open the door to the technology giant's entry into the world of crypto-coins.
Yahoo is one of the most visited sites in Japan. It ranks 4th in user traffic (which gives it the 40th position in the world ranking), and is the largest online auction site in the country.
According to the CCN portal, ArG confirmed that it would accept the entry of Z Corporation, a wholly owned subsidiary of Yahoo Japan, in its capital. The deal was taken for granted from last month when Japanese news had already announced that Yahoo would use BitArG technology to build a new platform.
Although the negotiation figures have not been confirmed, the Reuters report points out that the deal may have cost between $ 18.5 million and $ 27.8 million (between 2 billion and 3 billion yen), taking said that BitArG already has authorization from the Japanese Financial Services Agency (FSA) to operate a cryptomoeda platform.
Yahoo's arrival in the criptomoedas exchange market is just the latest example of a traditional company moving in the direction of digital currencies. A week ago, Monex, the country's well-known online broker, bought 100% of Coincheck. The exchange was in trouble after a steal of more than $ 500 million shed light on the fragility of its internal controls.
Another example is the SBI bank which, despite the delays, is ready to launch and operate its own crypto-currency trading platform. Line, which is responsible for a popular messaging application, has also submitted its request to the FSA to launch its own exchange.