Taotao which is owned by Yahoo! Japan confirmed in a Twitter post that it will be launching on May 30. Upon translating, their tweet read:
“[Announcement of business start Date]
We’ve kept you waiting. ☺️ The virtual currency exchange “TAOTAO” service will start at noon (scheduled) on May 30, 2019 (JST)!Please wait until business start for a while. #TAOTAO #仮想通貨”
It is likely that Yahoo Japan can assist with pushing cryptocurrency into the mainstream by offering a simple, trusted outlet where users can trade easily.
Limiting the number of cryptocurrencies supported can help new users from feeling overwhelmed and may ease the learning process. Customers have to focus less on each crypto and more on learning the platform and the processes.
Due to the recent bull run, exchanges have struggled to keep pace with the increasing demand. Yahoo! Was able to successfully enter the market following the efforts of the Financial Services Agency (FSA), Japan’s financial watchdog, who have tightly managed the domestic cryptocurrency margin trading platforms. The Japanese exchanges are also under strict supervision, following Coincheck’s $530 million hack.
Yahoo! Japan is the largest internet provider in the country and supplies more financial transactions than PayPal. Back in 2018, Yahoo! Japan acquired a 40% stake in Taotao, formerly known as BitARG via YJFX, its retail Forex brokerage arm. The purchase price for the stake in BitARG was disclosed to be 2 billion yen ($19 million).
