Bitcoin, Ethereum, XRP and other cryptos set to be traded on Yahoo-backed Japanese cryptocurrency exchange, Taotao

The Japanese cryptocurrency exchange, Taotao [formerly BitARG], is set to launch in May and will offer trades in Bitcoin [BTC] and Ethereum [ETH], Litecoin [LTC], Bitcoin Cash [BCH], and XRP.

Among the above-mentioned cryptocurrencies, margin trading will be available for Litecoin [LTC], Bitcoin Cash [BCH] and XRP. The exchange, as reported by Cointelegraph, will go live in mid-May. Pre-registration is open from 25 March to 17 April, 2019, and users can participate in a promotional giveaway of ¥1000.

Z Corporation, a subsidiary owned by Yahoo, has a 40% stake in the Taotao exchange. The plan for owning the stake was announced in March 2018. At the time, the stake cost Yahoo ¥2 billion [$19 million]. This move marked Yahoo’s foray into cryptocurrency.

On 23 March 2018, Nikkei Asian Review stated,

“The purchase of BitARG shares will be made through Tokyo’s YJFX, a wholly owned Yahoo subsidiary that operates foreign exchange transaction services.”

Further, Taotao exchange has received a seal of approval from Japanese regulatory bodies for its launch.

Yahoo is yet another big-player that has entered the Japanese regulated cryptocurrency space. The entry of major players like Yahoo and SBI Group began after a scheme launched in April 2017, which has cleared approximately 16 operators to serve the Japanese market.

Additionally, Japan cleared more rules regarding margin trading of cryptocurrencies. Japan’s cabinet reportedly approved a draft amendment to Japan’s financial instruments and payment service laws, allowing margin trading at two to four times the initial deposit.

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