Yahoo Japan Eyes Minority Stake In Cryptocurrency Exchange

Apr 13, 2018 at 14:25

Yahoo Japan Corp. announced its plan to enter the digital money space through a minority investment in Tokyo-based cryptocurrency exchange BitARG Exchange Tokyo, according to reports.

In a report by Reuters, Yahoo Japan will acquire a 40 percent stake in BitARG through a subsidiary.

While the company did not give details on the investment cost, the report said a source familiar with the matter placed the value at around 2 to 3 billion yen (roughly $19 million to $27 million).

Another report by Nikkei Asian Review, Yahoo Japan will acquire BitARG next month through YJFX, a wholly-owned unit which operates foreign exchange transaction services.

It looks at making additional investments in the crypto exchange in early 2019 through another subsidiary, the report said.

Yahoo Japan targets to launch a full-blown exchange in April in 2019. The Nikkei report said YJFX executives and engineers will start developing a new exchange system for about a year starting next month.

Yahoo Japan and BitARG have reported the investment plan to the Financial Services Agency.