The cryptocurrency trading platform in Japan, Taotao, has been given the seal of approval by Yahoo Japan. Taotao, previously known as BitARG, now has an investment of 40% by YJFX, Yahoo Japan’s foreign exchange platform. This share was purchased in 2018. BitARG will continue to be operational as a Yahoo Japan sealed auxiliary company. This new online crypto trading platform is licensed by Japan’s Financial Services Agency who regulate cryptocurrency exchanges.
Taotao Launch Announcement
Whilst this launch is highly anticipated, investors who have been eagerly awaiting the services of virtual currency exchange and digital crypto exchange, the wait is nearly over as the opening date is set for 12 noon on 30 May 2019. With the loss of almost $500 million by Coincheck following one of the largest thefts in cryptocurrency history, trust issues have evolved in Japan. Another company who suffered huge losses in BTC is Mt Gox.
Binance who have secured a large number of supported cryptocurrencies, do offer huge competition to YJFX, Their loyal customers may be reluctant to move to an alternate online crypto platform.
The Launch Of Taotao Has Been Long Awaited And The Licensing Of YJFX
Further to the acquisition of BitARTG by Yahoo Japan, and despite the recent falling markets, the progress with the launch has been steady and the end of May will see the fruition of these developments. It is rumored that the purchase price of 40% of BitARG by YJFX was in the region of JPY 2 billion (approximately $19 million). It is also to be noted that during this period since the acquisition, YJFX has been licensed by the Japanese Financial Services Agency.
It is not uncommon for crypto exchanges to operate without licenses and it is hoped that the granting of a license by the FSA to YJFX, will introduce a sense of trust in the online crypto trading community and that digital crypto exchanges will see an increase in business despite the current market trends.
Yahoo Japan is likely to encourage the use of cryptocurrency in the established outlets where ease of trade is offered. By not flooding the market with a number of cryptocurrencies, new users will feel more comfortable as they learn the process of each crypto.
The Cryptocurrencies To Receive Support From Taotao
With the exchange being developed to meet the requirements of Yahoo Japan and its forex branch, there is speculation that this new exchange will be focused on BTC and ETH trading with options trading being available for LTC, BCH, BTC, ETH, and XRP. Over time, Taotao will add additional cryptos to these listings.
Whilst the original launch date for Taotao was set for mid-May, it was decided to delay until the end of the month. Yahoo Japan has acknowledged the challenges from other major digital crypto exchanges, but the research and development should stand them in good stead to compete.