Yahoo! Japan has confirmed that it's getting into the crypto house by getting a stake in a Japanese cryptocurrency exchange that's already licensed by the country’s monetary regulator. the company plans to launch a crypto exchange within the fall of this year.

Yahoo! Japan Corporation  declared on Friday that it's getting into the cryptocurrency space.The company expects to launch an “easy-to-use exchange” for cryptocurrencies in the fall of this year, Nikkei elaborate.

Founded in january 1996 as a venture between Yahoo! and Japanese international conglomerate Softbank, Yahoo! Japan continues to dominate the japanese web industry whereas Yahoo! has been declining in popularity since the late 2000s. 

Through its entirely in hand subsidiary Z Corporation, Yahoo! Japan confirmed the purchase of a 40 %stake in a very crypto exchange known as Bitarg Exchange Tokio Co. Ltd. a person familiar with the matter said that the deal is probably going to “total two billion to three billion yen ($18.6 million to $27.9 million),” Reuters reported . The remaining hour remains in hand by CMD laboratory, the parent company of Bitarg.

“We decided to expand the virtual currency business by collaborating with Z Corporation,” CMD workRepresentative Director Yoon Hee Yuan confirmed.

A Stake in a licensed Exchange

Last month, Bitarg denied reports of Yahoo! Japan’s investment within the company, stating that a lot ofpossibilities were being explored. However, Bitarg posted a notice on its web site on Fri, stating:

"Today, the corporate decided to just accept capital participation from Z Corporation…the company areready to utilize the service operation and security experience of the Yahoo Japan group, which is able tocreate it easier for customers, [in order] to organize for the start of the exchange service managed by the corporate and to improve the operation after the commencement. "

 Bitarg was established in could of last year. However, the exchange quickly suspended its service in August 2017, consistent with Business insider Japan. the corporate received a license from the financial Services Agency (FSA) to trade bitcoin (BTC) in December of last year. consistent with the news outlet, the exchange service has not resumed as of April thirteen.

In a recent interview with Sankei, Yahoo! Japan vp Kentaro Kawabe explained:


The FSA is stating that [their] review are going to be tightened for brand new registrations of virtual currency exchanges, and it'll be tough to enter [the space] while not [the] acquisition [of existing exchanges].