Japanese crypto exchange TaoTao acquired by SBI after partnership talks with Binance endedJapanese crypto exchange TaoTao acquired by SBI after partnership talks with Binance ended

Japanese cryptocurrency exchange TaoTao has been acquired by financial services group SBI, just two days after TaoTao ended partnership talks with Binance.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Announcing the news on Wednesday, TaoTao said it would now operate as a wholly-owned subsidiary of SBI Liquidity Market. SBI acquired 100% shares of TaoTao from Z Fund No. 1 Investment (formerly Yahoo Japan) for an undisclosed amount.” data-reactid=”20″>Announcing the news on Wednesday, TaoTao said it would now operate as a wholly-owned subsidiary of SBI Liquidity Market. SBI acquired 100% shares of TaoTao from Z Fund No. 1 Investment (formerly Yahoo Japan) for an undisclosed amount.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="TaoTao ended negotiations with Binance for a strategic partnership on Monday, which began in January of this year. Binance had plans to enter Japan via TaoTao, which is a licensed crypto exchange in the country. It is not clear why the negotiations ended. Binance did not respond to The Block’s query by press time.” data-reactid=”21″>TaoTao ended negotiations with Binance for a strategic partnership on Monday, which began in January of this year. Binance had plans to enter Japan via TaoTao, which is a licensed crypto exchange in the country. It is not clear why the negotiations ended. Binance did not respond to The Block’s query by press time.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="SBI already operates its own licensed crypto exchange, SBI VC Trade, in Japan. The company said TaoTao's acquisition would help it to expand the crypto business further. "We will make maximum use of…the customer base and service know-how of the crypto assets that TaoTao has cultivated so far," said SBI. TaoTao was launched in May 2019.” data-reactid=”22″>SBI already operates its own licensed crypto exchange, SBI VC Trade, in Japan. The company said TaoTao’s acquisition would help it to expand the crypto business further. “We will make maximum use of…the customer base and service know-how of the crypto assets that TaoTao has cultivated so far,” said SBI. TaoTao was launched in May 2019.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Japan's crypto exchange ecosystem is diversified, as The Block Research reported recently. The country currently has a total of 26 licensed crypto exchanges.” data-reactid=”23″>Japan’s crypto exchange ecosystem is diversified, as The Block Research reported recently. The country currently has a total of 26 licensed crypto exchanges.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="©&nbsp;2020&nbsp;The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.” data-reactid=”25″>© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.