Yahoo! Japan Corp announced on Friday its intentions to purchase a minority stake in BitARG Exchange Tokyo. The deal builds on the increasing mainstream acceptance of cryptocurrencies in the country on behalf of business in the face of some of the most prominent Japanese companies.
Getting Involved in the Crypto Field
As reported by Reuters, Yahoo! Japan Corp is set to buy a minority stake in a Tokyo-based, FSA-approved crypto exchange. The hope of Japan’s number #2 most popular and visited website is to completely dismiss concerns associated with security as well as to get involved in the cryptocurrency field. It’s safe to say that the move has its merit, as the company has had its fair share of security breaches in recent years.
Yahoo! is set to buy out a 40% stake off BitARG Exchange through one of its subsidiaries. The official launch of the services is scheduled to start sometime this autumn.
Even though official financial terms of the deal have yet to be disclosed, a person close to the matter said that the purchase amount is likely to be close to two or three billion yen, which is the rough equivalent of $18.6 to $27.9 million.
Serious Mainstream Business Adoption
It seems that the Country of Eight Islands is becoming a hot spot for the crypto field – not only for individuals but also for businesses.
The Yahoo! deals follow recent moves of other major Japanese companies. Earlier last week, a leading local financial services firm confirmed the purchase of Coincheck – a Japanese cryptocurrency exchange which had suffered a hacker attack earlier in the year, setting it back with upwards of $430 million in compensation to its users.
Going further, back in January, the country’s largest messaging service, Line Corp, has also attested its interest in the field, applying for cryptocurrency exchange license.
Do you think Yahoo!’s deal will attribute to the development of the cryptocurrency field in the country? Will other big players follow? Please let us know in the comments below!
Images Courtesy of DepositPhotos