- TaoTao, a subsidiary of Yahoo! Japan, has announced that several trading sets will be launched in May 2019
- A 40 percent stake in the exchange was acquired by Yahoo! In 2018
Crypto has risen from its days of being an unknown concept on the world stage to being coveted by large organizations. In the last year alone, JP Morgan and Kik have both launched or announced the launch of their own cryptocurrencies and Facebook is rumored to be looking into one of their own. Now it seems Yahoo! is the latest firm to dip its toes into the crypto waters as it was announced On March 25 that Taotao, a Japan-based cryptocurrency exchange will be launching their own limited range of cryptocurrencies for trading starting in May 2019.
Yahoo still huge
Taotao is a subsidiary of Yahoo! Japan, who own a 40 percent stake in the firm. According to the announcement, the first currencies that will be available for trade will be Bitcoin and Ethereum. At the same time, margin trading will be available for Bitcoin cash, Litecoin, and Ripple.
While the trading will not begin until May 2019, interested customers can sign up for an account now and even participate in a promotional giveaway.
The news of Yahoo! purchasing a stake in the exchange first came to light in March 2018 and even then, plans to launch their own were already in the air.
“The purchase of BitARG shares will be made through Tokyo’s YJFX, a wholly owned Yahoo subsidiary that operates foreign exchange transaction services,” an announcement said at the time, adding that the acquisition cost Yahoo! $19 million.
Should this initial venture be successful, more trading options could be opened in the future.
Impossible to ignore
If any more proof was needed about crypto successfully taking its place in the business world, the consistent investment of big firms in crypto, whether by launching their own coins or starting their own exchanges would suffice.
It is also a testament to how robust the global crypto market is, in spite of the decline in Cryptocurrency prices in late-2018. Not only is the market still afloat, but the demand for its products, both at an individual and institutional level, is large enough to warrant the creation of even more exchanges.