Yahoo Japan Buys Minority Stake In Cryptocurrency Exchange
April 13, 2018 BY Sebastian Ifversen
Yahoo Japan Corporation will buy minority stake in the Tokyo-based cryptocurrency exchange BitARG, the tech giant said in a statement on Friday.
Yahoo Japan said in a statement that it will be acquiring a 40 percent stake in BitARG Exchange Tokyo. Yahoo Japan is the most used search engine in Japan as well as the country’s biggest online auction site.
The financial terms have not been disclosed, but a report from Reuters is citing unofficial figures of the value of the investment to be between 2 billion and 3 billion yen ($18.5 million – $27.8 million).
The news from Yahoo Japan comes after Monex said in a statement last Friday:
“(…)the cryptocurrency exchange business plays a core part in a vision of “MONEX’s new beginning”. Therefore, the Company has resolved on 100% share acquisition of Coincheck who has been a pioneer among cryptocurrency exchangers.”
The embattled cryptocurrency exchange that lost $530 million in NEM tokens in January, will cost the major Japenese online brokerage 3.6 billion yen ($33.5 million) for the 100% acquisition.