Yahoo! Japan on its way to becoming a new name in cryptocurrency exchanges

Japan and China are well-heard names in the world of cryptocurrency. Yahoo Japan is a Japanese company which is a conglomeration of the American internet company Yahoo! and the Japanese company SoftBank. Their headquarters is in Tokyo and their web portal is the most visited website in Japan.

One of the founding members of Rakuten, a Japanese electronic commerce, and Internet company, Hiroshi Mikitani’s Japan e-business Association was Yahoo Japan. But later it withdrew from e-business association in March 2012.

Official sources state that Yahoo Japan is initiating a cryptocurrency exchange which will be a tie-up with BitARG, which is an exchange platform to buy and sell Bitcoins. It is said that Yahoo Japan will acquire 40% of BitARG exchange and then launch a fully-fledged exchange in April 2019. Their system will be based on BitARG’s. They will make additional investments in BitARG from January to March 2019 through another Yahoo company.

Yahoo Japan plans to buy its share in BitARG via its subsidiary company – YJFX, a forex transaction platform. This will cost the company 19 million in USD which is the equivalent of 2 billion Yen. If everything goes as per the plan, Yahoo Japan will be successful in implementing the exchange within one year’s time. The company seeks to hire engineers and executes with this intent and will also create new corporate governance structures. This will be a sophisticated customer management system with improved internal security controls.

After the hack of the Tokyo-based cryptocurrency exchange Coincheck, which suffered the biggest hack of $550 million worth NEM in January, the Financial Services Agency [FSA] has been mandating security overhauls and cracking down domestic crypto trading platforms that are yet registered. The Agency also issued month-long suspensions for FSHO and Bit Station.

A Twitteratti commented:

“What Japan and Korea does today in tech, the rest of the world does it tomorrow. We saw it in electronics, mobile phones, internet, video games and so on. So it will be for crypto”

Another Tweep commented:

“Freaking bullish, Japan is the backbone of cryptocurrency and Yahoo getting into the exchange business just makes it even sweeter. This just made my day.”

The post Yahoo! Japan on its way to becoming a new name in cryptocurrency exchanges appeared first on AMBCrypto.

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