Z Corporation, a wholly owned subsidiary of Yahoo Japan Corporation, has announced the purchase of a minority stake in Japanese cryptocurrency exchange, Reuters reported.
According to the official release, Z Corporation acquired a 40 percent stake in BitArg Exchange Tokyo. A source familiar with the matter told Reuters that the investment is expected to be somewhere around total 2 billion to 3 billion yen.
"By utilizing the service operation and security expertise of the Yahoo group, we support the operation of exchanges operated by BitArgo Exchange Tokyo," Yahoo Japan said (as quoted by CoinDesk), adding that it “will aim to provide services that are "easy to use and safe."
The start of the exchange service by the BitArg Exchange Tokyo is scheduled for the autumn of 2018, the release stated.
The announcement follows a major cryptocurrency exchange acquisition in Japan. Monex Group announced last week that it will acquire Coincheck, a Japanese cryptocurrency exchange which suffered a major hack earlier this year, for $34 million.
