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.
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.
Quick Look: Bitcoin price currently consolidates around $57,000, down by 5%; Fed maintains high interest… Read More
Quick Look: Microsoft invested $1 billion in OpenAI in 2019 to catch up with Google… Read More
Ethereum in Ascending Channel: Risk at $3,000, Upside to $3,500 Quick Look: Bullish Channel: Ethereum… Read More
PayPal's Strong Start in 2024: $403.9B Payment Volume Surge Quick Look: Significant Volume Increase: PayPal… Read More
XTB announced its entry into the UK's £400 billion ISA market less than a quarter… Read More
In this BTN Centre review, we will embark on a trading journey, where cutting-edge technology… Read More