Japan’s largest on-line monetary conglomerate, SBI Holdings, now owns two licensed cryptocurrency buying and selling platforms with its new acquisition of TaoTao trade.
Based on an official announcement on Oct. 7, SBI’s international trade and derivatives arm SBI Liquidity Market has acquired all shares of TaoTao, making it a wholly-owned subsidiary of the corporate.
Previously 40% owned by web large Yahoo! Japan’s YJFX, TaoTao launched its crypto buying and selling service in Could 2019.
With the brand new acquisition, SBI now has two crypto buying and selling platforms as the corporate is already providing crypto buying and selling companies by its crypto-focused enterprise capital arm, SBI VC Commerce. Working a crypto asset trade, SBI VC Commerce has bee a subsidiary of SBI Securities since July 2019.
Per SBI, TaoTao’s acquisition will contribute to the corporate’s experience to supply higher crypto-related companies:
Sooner or later, we’ll make most use of the administration sources reminiscent of data of the SBI Group as a complete monetary group, in addition to the client base and repair experience of the crypto belongings that TaoTao has cultivated thus far […]”
SBI’s acquisition of TaoTao comes shortly after the trade formally ended negotiations with Binance. After 9 months of negotiations intending to construct a joint crypto trade initiative in Japan, TaoTao abruptly deserted the alliance on Oct. 5. As reported by Cointelegraph, Binance is unlikely to enter Japan in 2020 consequently.