Yahoo Japan to launch its own crypto exchange

The report by Nikkei Asia Review indicates that Yahoo Japan plans to aquire BitARG cryptocurrency exchange in 2018 followed by development of their own platform
23 March 2018   692

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.

Bakkt to be Launched in December

It is also reported that Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure
19 October 2018   53

The expected launch of the Bakkt will take place on December 12 of this year. It is reported by The Block, citing informed sources.

Also, the material states that the investment bank Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure. At the same time, the bank is considering the possibility of trading futures on a new platform.

In a recent Fortune interview with Bakkt, Kelly Lofler said that the cryptocurrency market is on the verge of a revolution comparable in size to the one that occurred on the energy market in the early 2000s.

Greater institutional participation in the digital asset markets requires secure and regulated custody solutions. We are impressed by BitGo’s product, unique services, and the management team. We view our investment in BitGo as an exciting opportunity to contribute to the evolution of this critical market infrastructure.

Rana Yared

Managing director, Goldman Sachs’ Principal Strategic Investments group

Bakkt is a cryptocurrency unit of the Intercontinental Exchange (ICE), which is the operator of the New York Stock Exchange. Giants such as Microsoft and Starbucks are taking part in creating of the new project, which is positioned as an “ecosystem for digital assets”.

The new platform will offer deliverable bitcoin futures to the market (unlike the settlement contracts for CBOE and CME, these are based on the underlying asset). The platform will support multiple fiat currencies.