TaoTao: Binance - No, SBI - Yes
SBI Group, one of Japan's largest financial companies, has taken a major step in the domestic market by buying out a majority stake in the TaoTao cryptocurrency exchange from Yahoo Japan.
The size of the deal was not disclosed, but TaoTao (known as BitARG prior to Yahoo Japan's involvement) confirmed in a press release that SBI had acquired shares in Japanese operator Yahoo Z Holdings, and Japanese media reported that Taotao would become a subsidiary of SBI.
TaoTao said Yahoo Japan has undergone a share change and has partnered with subsidiary SBI SBILM, a newly formed subsidiary of the financial giant that will use technology developed by the R3 blockchain consortium to carry out foreign exchange transactions.
It has been a busy week for Taotao and SBI. Taotao said earlier this week that it had completed negotiations with Binance to discuss a strategic partnership between Taotao and Z Holdings that would allow Binance to return to the Japanese market.
SBI has its own cryptocurrency exchange SBI VC Trade and a subsidiary company for the mining of SBI Cryptocurrency. Also operates the Asian blockchain network SBI-Ripple with the US cryptocurrency giant Ripple.
Yahoo Japan is Japan's leading search engine. The company is backed by SoftBank, which owns 48% of Yahoo Japan. The company is also preparing to merge with creative Line of South Korean internet giant Naver, with the deal to be completed early next year.
This is also an important week for SBI. Today the site is 0xzx. com reported that SBI will join forces with a Swiss crypto bank to create a $ 66.3 million unlisted equity fund for promising crypto and blockchain startups in Europe and Southeast Asia.
In addition, the Japanese financial giant spent $ 30 million last summer to buy shares in a British company.