The crypto industry is evolving thanks to interesting projects. The largest on-line financial conglomerate in Japan, SBI Holdings acquired TaoTao crypto exchange. As a result, the financial giant now owns licensed cryptocurrency trading platforms after acquiring the TaoTao crypto exchange.
It is worth mentioning that, SBI’s foreign exchange and derivatives arm SBI Liquidity Market acquired all shares of TaoTao. Consequently, TaoTao became the fully owned subsidiary of the company.
People should take into account that, in the past 40% of the exchange belonged to internet giant Yahoo! Japan’s YJFX. As a reminder, TaoTao launched its crypto trading service in 2019.
Importantly, thanks to this deal, SBI now owns two licensed crypto trading platforms. Interestingly, before this acquisition, the company was already offering crypto trading services through its crypto-focused venture capital arm, SBI VC Trade.
Notably, SBI VC Trade became the subsidiary of SBI Securities in July 2019.
TaoTao crypto exchange and new opportunities
Interestingly, TaoTao’s acquisition will boost the company’s expertise. As a result, the company will be able to offer better crypto-related services. Importantly, in the future, the company will use the customer base as well as service expertise of the crypto assets that TaoTao cultivated during its existence.
It is worth noting that, SBI’s acquisition of TaoTao comes shortly after the exchange officially ended negotiations with Binance. According to the statement, it ended made the decision to end negotiations with Binance after nine months.
The TaoTao did not provide specific details, why it decided to end negotiations. Interestingly, Binance was previously headquartered in Japan, after leaving China in 2017. However, Binance spent less than one year in Japan, as it moved its main office to Malta in 2018.
As can be seen from the information stated above, companies are willing to expand their services. SBI Holdings made the right decision by acquiring the TaoTao exchange.
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