SBI Holdings, Japan’s largest online financial conglomerate, has two licensed cryptocurrency trading platforms following its new acquisition of TaoTao.
SBI’s currency and derivatives division, SBI Liquidity Market, has bought all shares of TaoTao, making it a wholly owned subsidiary of the company, according to an official statement on October 7.
Previously, 40% of the shares were owned by internet giant Yahoo! YJFX Japanese company, TaoTao, launched cryptocurrency trading in May 2019.
Thanks to the new acquisition, SBI now has two cryptocurrency trading platforms as the company already offers cryptocurrency trading services through its venture capital division focused on cryptocurrency, SBI VC Trade. SBI VC Trade has been a subsidiary of SBI Securities since July 2019, and has dealt with cryptocurrency exchanges.
According to SBI, the acquisition of TaoTao will improve the company’s experience in providing better cryptocurrency-related services:
In the future, we will make the most of management resources such as knowledge of SBI Group as a comprehensive financial group, in addition to the customer base and crypto service experience that TaoTao has developed so far […] ”
The SBI’s acquisition of TaoTao came shortly after the Oslo Bourse formally concluded negotiations with Binance. After nine months of negotiations to create a joint cryptocurrency exchange initiative in Japan, TaoTao abruptly left the alliance on October 5. As a result, Binance is unlikely to enter Japan by 2020, according to Cointelegraph.