Yahoo-backed crypto exchange Taotao launches in Japan
The platform will initially offer Bitcoin and Ether trading, as well as margin trading in LTC, XRP and BCH.
Japanese cryptocurrency exchange Taotao is officially live.
The digital currency exchange began trading on 30 May, according to the company's official Twitter page.
Yahoo Japan's foreign exchange platform YJFX acquired a 40% stake in Tokyo-based BitARG in early 2018. Since then, YJFX has been working on developing the Taotao cryptocurrency exchange based on BitARG's system.
The new exchange offers trading in Bitcoin (BTC) and Ether (ETH) to Japan-based clients only. It is not yet known whether international traders will be allowed to conduct transactions on the platform in the future.
"It [Taotao] will initially offer trading in BTC and ETH, as well as margin trading in LTC, XRP, and BCH. Japan is way ahead of everyone in regulating exchanges," according to independent research firm Weiss Ratings.
Taotao has been licensed to trade in digital currencies by Japan's monetary watchdog, the Financial Services Agency (FSA), since December 2017. This permission was obtained by the platform formerly known as BitARG. All virtual currency exchanges in Japan must register with the FSA in order to legally trade cryptocurrencies.
Earlier this year in March, a pre-launch campaign was initiated by the exchange to incentivise interested parties to sign up for a Taotao account. Users were given an opportunity to participate in a promotional giveaway.
Taotao's exchange will operate an online trading website and a mobile trading application.
Other established companies entering the crypto space
The launch of Taotao is Internet powerhouse Yahoo's first foray into the world of cryptocurrency. However, other large businesses have already begun investing and developing their own digital coins and exchanges.
Facebook is reportedly working on its own stablecoin, known as GlobalCoin, expected early next year. Despite the social media giant's popularity, a recent survey found that only 18% of people would "invest" in the coin.
Global messaging app LINE, which boasts around 200 million active users, successfully launched Singapore-based cryptocurrency exchange BitBox in July 2018. However, things haven't always gone exactly to plan.
Other companies have managed to exceed user expectations. For example, Samsung built a cryptocurrency hardware wallet that is compatible with its latest smartphone, the Galaxy S10. Find out what we thought.
The number of new accounts opened on Japanese cryptocurrency exchanges has increased by up to 200% over the past two months, according to data obtained by Cointelegraph Japan. This sudden influx of interest is likely due to the recent bear-turned-bull market turnaround. Leading cryptocurrency Bitcoin is up 130% in 2019.
Whether the Taotao exchange can take advantage of these positive circumstances remains to be seen.
Photo: Getty Images
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