Yahoo Corporation’s recent decision to purchase a minor stake of the BitARG cryptocurrency exchange is for them to be part of the cryptocurrency world.
Yahoo! Japan, a mailing service that has over the years dived into various sectors, including finance has decided to buy some stake in the Tokyo cryptocurrency exchange, BitARG.
Though top cryptocurrency news platforms have published it in the past of this move, a recent update, as reported by CNBC in a statement provided by Yahoo! Japan says that the acquisition will be made through a subsidiary.
Yahoo! Japan, also the country’s largest online auction site has made this step towards being part of the cryptocurrency environment worldwide, and new services are going to be launched sometime in the third quarter of the year, in Autumn to be precise.
Until now, there is no official statement about how much Yahoo! Japan has invested in being a part of the cryptocurrency exchange. But according to analysts, it’s estimated that Yahoo! Japan must have paid between 2 – 3 billion Yen which is about 18 – 28 million United States Dollars for the transaction.
Yahoo! Japan will henceforth be able to start up its cryptocurrency exchange and other similar products relating to cryptocurrency. BitARG exchange is currently registered and has been authorized by the Japanese Financial Services Agency (FSA) to carry out operations in the country. The FSA has been notified in the past about the investment plan by Yahoo! Japan.
Towards the end of March, BitARG Exchange Tokyo had debunked the acquisition in a statement by BitARG executive Yoon Hee Yuan who said at the time:
“Based on the recent developments in the virtual currency industry, we are studying various possibilities, including investments and partnerships with other companies, to further strengthen our system and management, but we have not made any decisions at present.”
Some days back, an online brokerage firm, Monex Group, announced their interest in purchasing a hacked cryptocurrency exchange, Coincheck. The company was ready to pay $33.5 million for the acquisition. Just some hours after the announcement was made, the Monex shares rose over 20%.
The Coincheck exchange was hacked sometime in January 2018 with about 523 million NEM coins lost in the attack. At the time, the stolen coins were valued at about $500 million. Currently, the cryptocurrency exchange is trying to position itself as a transparent and trustworthy crypto exchange.