Yahoo Japan to buy minority stake in cryptocurrency exchange

Published: April 14, 2018
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A website of Yahoo Japan is seen on a computer screen in Tokyo August 19, 2009.
PHOTO: REUTERS

A website of Yahoo Japan is seen on a computer screen in Tokyo August 19, 2009. PHOTO: REUTERS

TOKYO: Yahoo Japan said on Friday it would buy a minority stake in a Tokyo-based cryptocurrency exchange, becoming the latest major Japanese financial services provider to shrug off security concerns and join the digital money industry.

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Yahoo Japan, which is also the country’s biggest online auction site, said in a statement it would buy through a subsidiary a 40 per cent stake in BitARG Exchange Tokyo, with services planned for launch in the autumn.

Yahoo Japan did not give details of the value of the investment. But a person familiar with the matter said it would likely total 2 billion to 3 billion yen (13.06 million pounds to 19.59 million pounds).

Shares in Yahoo Japan closed down 0.2 per cent, against a 0.6 gain for the benchmark Nikkei average.

The deal comes after Japanese online brokerage firm Monex said last week it would buy hacked cryptocurrency exchange Coincheck for $34 million.

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That saw Monex join other mainstream financial services providers such as larger peer SBI Holdings and messaging app operator Line is looking to enter the cryptocurrency industry.

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