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Yahoo! jumps the cryptocurrency bandwagon

Yahoo! jumps the cryptocurrency bandwagon
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

The second largest search engine Yahoo! is set to launch a cryptocurrency exchange in Japan. Initially, the new venture known as Taotao will offer Bitcoin (BTC) and Ethereum (ETH) trading services only, though the range of products will be expanded to Ripple’s XRP, Bitcoin Cash (BCH) and Litecoin (LTC).

The company has already started onboarding clients. Users may sign up with the exchange to get ready for the launch beforehand and participate in a promotional campaign.

According to the information, provided on Taotao’s website, 40% of the company’s shares belongs to 100% Yahoo! subsidiary Z Corporation Ltd. CMD Lab Inc. owns 60% of shares.

Taotao has obtained the regulatory approval. Also, the company is a member of Japanese self-regulatory body Japan Virtual Currency Exchange Association (JVCEA) that guides operations of cryptocurrency exchanges.

Yahoo! first announced the plan to launch an exchange in March 2018. At that time, the company was going to purchase a major stake in the trading platform through its subsidiary. The move signals that the internet giant is ready to take a strong footing in the nascent cryptocurrency industry.

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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