Nowadays practically every big company tries to dabble into the lucrative market of cryptocurrencies in one way or another. And now the reports indicate that Japanese branch of Yahoo plans to open their own cryptocurrency exchange somewhere during this year.
Their plans revolve around acquisition of 40% of BitARG Exchange Tokyo in the next month. The platform will continue its operations until the development of a new exchange based on BitARG technology will be completed.
The purchase of such a sizable share will be conducted through the Yahoo Japan's subsidiary YJFX, a forex transaction platform. Nikkei Asia Review puts the sum of the deal at respectable 2 billion yen or $19 million. After the purchase, the YJFX team will lead the development of the new exchange, also setting up the system for corporate governance and increasing customer security. For the increased security and account management capabilities we have to thank Financial Services Agency who now demands a complete security overhaul on cryptocurrency exchanges after Coincheck hack in January.
The existing platform of BitARG has already passed all the necessary checks with Japanese Financial Services Agency and will continue to operate as it is for now, also recieving further investments from Yahoo Japan in early 2019, as reported by Nikkey.