Back

SBI Financial Group Acquires Japanese Crypto Exchange TaoTao

author avatar

Written by
Colin Adams

editor avatar

Edited by
Kyle Baird

07 October 2020 15:45 UTC
Trusted
  • Japanese cryptocurrency exchange TaoTao has been acquired by financial services group SBI.
  • The news was announced a few days after negotiations with Binance broke down.
  • TaoTao will become the second cryptocurrency trading platform owned by SBI.
Promo

Japanese cryptocurrency exchange TaoTao has been bought by financial services conglomerate Strategic Business Innovator Group (SBI).

According to a press release published on Wednesday, October 7, SBI Liquidity Market, the group’s forex and derivatives arm, has purchased a 100% stake in TaoTao — making it a fully-owned subsidiary.

The product of a deal between BitARG, an existing Tokyo-based cryptocurrency exchange, and Yahoo Japan, TaoTao initially launched in May 2019. It is one of only a few dozen crypto companies in Japan with permission from the Financial Services Agency to operate a digital exchange legally.

Sponsored
Sponsored

The news of the sale broke just two days after the Japanese exchange ended partnership discussions with Binance. TaoTao had been in negotiations with Binance since January of this year, before a statement on October 5, indicated that talks had been abandoned.

Increase in Crypto Exchange Portfolio

With the acquisition of TaoTao, SBI Holdings, one of Japan’s largest financial services groups, added a second licensed cryptocurrency trading platform to its portfolio. The company already offers crypto trading services via its venture capital arm, SBI VC Trade.

For its part, SBI VC Trade has been a subsidiary of SBI since July 2019. According to the press release, the group has big plans for TaoTao,

going forward; we will maximize the strengths of the SBI Group and the customer base and service know-how of crypto assets that TaoTao has cultivated so far to provide the latest, safe and secure crypto asset trading services.

The news comes after an eventful summer for the Japenese financial giant. In July, it invested $30 million to gain a minority stake in crypto liquidity provider B2C2, and in August, it announced the launch of crypto derivatives trading. The terms and financials of the TaoTao deal were not disclosed.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.