Yahoo Japan Proving Again That Japan Loves Crypto
Japan seems focused on expanding it's business sectors into the world of cryptocurrencies, largely due to their government's fast action to regulate and lay the foundation for crypto-businesses to establish themselves. Midori Kanemitsu, CFO of one of Japan's leading cryptocurrency exchanges, bitFlyer had this to say about the government's expedience and acceptance of this new industry:
There are currently over 15 cryptocurrency exchanges in Japan, and it's reported that over 100 firms are filing for crypto-exchange licenses. One such company is BitARG, who is set to launch their exchange later this year. More significantly is that Yahoo Japan is coming on as minority partner, which means that Japan's fourth ranked website (40th ranked globally), and the country's current largest auction site is entering the crypto-business sector.
Yahoo Japan has reportedly purchased 40% of the yet-to-be launched cryptocurrency exchange BitARG (under the parent company CMD Lab), by way of Yahoo Japan's subsidiary company 'Z Corporation'. The price of Z Corporation's investment has not been released, but an insider hinted that the investment was likely between $18.5 - 28 million USD (¥2 - 3 billion). The announcement on the BitARG's website states the following about the intentions of the sale:
While this is not the first of large Japanese companies investing into the crypto-sector (last week, Monex Group Inc purchased the recently hacked Coincheck), and sending the message to big industry that cryptocurrency is here and will be continue to be of major interest for giants like Yahoo, and other leaders in the tech and financial sectors.