Japan’s leading online financial body, SBI Holdings, now owns two licensed cryptocurrency trading platforms with its new acquisition of TaoTao exchange.
In line with a recent official announcement on 7th Oct., SBI’s foreign exchange & derivatives arm SBI Liquidity Market has acquired all shares of TaoTao, making it a wholly-owned subsidiary of the firm.
Formerly 40% owned by web giant Yahoo! Japan’s YJFX, TaoTao revealed its cryptocurrency trading service earlier in May last year.
With the new acquisition, SBI now has two cryptocurrency trading platforms as the firm is already offering cryptocurrency trading services via its crypto-focused risk capital arm, SBI VC Trade. Operating a crypto asset exchange, SBI VC Trade has bee a subsidiary of SBI Securities since July last year.
According to SBI, TaoTao’s acquisition will contribute to the firm’s expertise to supply better cryptocurrency-related services:
“Within the mere future, we’ll make maximum use of the management resources like knowledge of the SBI Group as a comprehensive financial group, & the user base as well as repair expertise of the cryptocurrency assets that TaoTao has cultivated thus far […]”
SBI’s acquisition of TaoTao comes shortly after the exchange officially ended negotiations with Binance exchange. After 9 months of negotiations ended to build a joint cryptocurrency exchange initiative in Japan, TaoTao abruptly abandoned the alliance on 5th Oct.