SBI Holdings, Japan’s largest online financial conglomerate, now owns two licensed cryptocurrency trading platforms with its new acquisition of TaoTao exchange.
On October 7, it has been reported in an announcement that SBI’s foreign exchange and derivatives arm SBI Liquidity Market has acquired all shares of TaoTao by making it a wholly-owned subsidiary of the company.
However, formerly 40% owned by Internet giant Yahoo! Japan’s YJFX, TaoTao launched its crypto trading service in May 2019.
With the new acquisition, SBI now has two crypto trading platforms as the company is already offering crypto trading services through its crypto-focused venture capital arm, SBI VC Trade.
Japanese financial giant SBI acquires TaoTao #crypto exchange https://t.co/c3HTG1arUA via @CoinTelegraph #defi #blockchain pic.twitter.com/chhpdf1j9K — Coinboard (@Coinboard) October 7, 2020
Operating a crypto asset exchange, SBI VC Trade has been a subsidiary of SBI Securities since July 2019.
Thus, TaoTao’s acquisition will contribute to the company’s expertise to provide better crypto-related services:
“In the future, we will make maximum use of the management resources such as knowledge of the SBI Group as a comprehensive financial group, as well as the customer base and service expertise of the crypto assets that TaoTao has cultivated so far […]”
Source: Cointelegraph