Taotao Joins Japanese Market with Yahoo Backing Amid Reignited Crypto Interest

Asia Blockchain Review
June 11, 2019

Taotao, a Japanese crypto exchange backed by Yahoo Japan, has recently entered the market in a move that marks the local internet giant’s arrival into the crypto space.

As reported by Cointelegraph, the move seems especially timely given indications of a new bull run market cycle. Still, in a market as complex as Japan, questions abound as to whether Taotao will be able to outperform its current rivals while also fending off future competition.

How Yahoo Japan is Backing the Platform

Taotao was first mentioned in March 2018 when the Nikkei Asian Review newspaper reported that the firm planned to acquire 40% of Tokyo-based crypto exchange BitARG. This purchase would have been made through Tokyo’s YJFX retail foreign exchange broker, which is wholly owned by Yahoo Japan.

The acquisition was eventually confirmed by both Yahoo Japan and BitARG, with the 40% stake costing the internet corporation between 2 and 3 billion yen (US$19-27 million). Taotao is now uniquely positioned to bring new clients into the crypto space from Yahoo Japan’s mainstream businesses.

Stiff Competition Amid Ideal Market Conditions

Taotao entrance comes as interest has been reigniting among Japanese cryptocurrency holders, as well as among entry-level investors since the end of March.

Indeed, although the timing is particularly advantageous for the Yahoo Japan-backed trading platform, it remains an open question as to whether the Japanese public would be willing to leave long-established trading platforms, such as biFlyer and Liquid, for the new exchange.

Even leveraging Yahoo Japan’s extensive digital footprint and consumer base, Taotao will also be facing competition from large exchanges still poised to enter the Japanese market, such as U.S.-based Coinbase.

Source: cointelegraph.com

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Blockchain: Fine-tuning the Music Industry
Music might be in need of another tech disruption in the form of blockchain.

July 17, 2019

Graph Blockchain Secures Contract with South Korean Transport Ministry
The pilot project is for storing traffic data on a blockchain network as part of the Smart City nati...

July 13, 2019

Hong Kong, a Great Place for Blockchain Startups
It is quite evident that Hong Kong is quite rapidly developing to be a blockchain hub in the region ...

July 12, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us