The owner of the second largest search engine, Yahoo! says that its proprietary cryptocurrency exchange Taotao will go live this week. According to the announcement posted on Twitter, the platform will be launched into operation on May 30 at noon by local time. At the initial stage, the trading platform will support operations with Bitcoin and Ethereum. However, the users will also have access to margin trading with Litecoin, XRP and Bitcoin Cash. The company first announced the decision to launch a cryptocurrency exchange in March 2018. For that purpose, Yahoo! Japan acquired 40% of the Tokyo-based cryptocurrency exchange BitARG for 2 billion yen (over $18 million). Taotao started onboarding clients in March 2019. The early adopters had a chance to register an account beforehand and participate in a dedicated promotional campaign. The platform has obtained regulatory approval from the Japanese Financial Service Agency (FSA). Also, it is a member of the Japanese self-regulatory body Japan Virtual Currency Exchange Association (JVCEA). Yahoo! has joined the ranks of large Japanese corporations seeking exposure to the cryptocurrency trading industry. Thus a retail giant Rakuten stated onboarding clients for its cryptocurrency exchange that is expected to go live in June.
Yahoo's cryptocurrency exchange Taotao will initially support bitcoin and ether, along with margin trading access for litecoin, bitcoin cash and XRP. Yahoo acquired a 40% stake in the Tokyo-based cryptocurrency exchange BitARG for JPY2bn ($18.2m) when it made the decision to launch its own exchange this week. Taotao has received approval from the Japanese Financial Services Agency and is a member of the Japan Virtual Currency Exchange Association.