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Yahoo Acquisition Denied By Japan’s Exchange Bitarg

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Do you know what is the next major blow to cryptocurrency exchange market? It’s Yahoo Japan who will acquire a bit less than half of the business of Bitarg’s Exchange.

By spring of 2019 Yahoo Japan would launch Bitarg’s system based new exchange as the reports say. As of March 23, on insisting Bitarg says about “studying various

Lately, an unsigned Nikkei Asian review article which reads about its statement with the salutation 株式会社ビットアルゴ取引所東京 代表取締役 尹 煕元, google translated as, “Bit-Argo Exchange Co., Ltd. Tokyo Representative Director Yoon Hee Yuan” appeared, followed by rumours of the done deal between both organisations.

The Nikkei headline and subtitle read, “Yahoo Japan is set to open cryptocurrency exchange; the First step which they are planning to take is a tie-up with Bitarg Exchange in the next month.” The online post revealed that both the companies have reportedly presented their capital tie-up plan to the FSA [(Financial Services Agency)].”

The article briefed the details by entitling “a realignment in the cryptocurrency exchange business” describing how “Yahoo Japan is planning and will acquire 40% of operator Bitarg Exchange Tokyo in the next month. It also mentioned that it then will launch a full-blown exchange in April 2019 or later. The Yahoo Japan exchange is going to be newly built but the system is based on Bitarg’s system only. Yahoo Japan is also planning to make some additional investments in Bitarg to improvise and modify the system, which they have already registered with the Financial Services Agency, early in 2019,”

An Alluring Head Scratcher

Bitarg called out the Nikkei’s post and stated that the company has accepted the investment from Weijay FX Corporation (100% subsidiary of Yahoo Japan Corporation) and is planning to make a capital alliance, but this case does not deals with the facts they announced. On the basis of the recent environmental changes, the surroundings of virtual currency industry are studying various possibilities including the capital and business tie-ups with other companies, in order to further strengthen the system and management.

The article is full of details like “purchase of Bitarg shares will be made through Tokyo’s YJFX, a wholly owned Yahoo subsidiary that operates foreign exchange transaction services,” and “YJFX will pay about 2 billion yen ($19 million) for a 40% stake in Bitarg. The stake will be made up of outstanding shares and newly issued stock.”

YJFX subsidiary will make another investment during the start of 2019 as the report says. Bitarg’s new exchange configuration, internal controls, customer management, and corporate governance will be taken over by Yahoo Japan in about a year. Leaving major shake-up in cryptocurrency exchange market.

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