Yahoo Japan buys stake in crypto exchange BitARG

By Jeff Davies
Retail Crowd

Yahoo! Japan Corporation will buy a stake in a cryptocurrency exchange BitARG, the tech giant said in a statement on Friday. The country’s most used search engine is set to acquire 40% of the Tokyo-based crypto exchange.

Although the statement lacked details about the investment, a report released almost a month ago stated YJFX, a Yahoo Japan subsidiary, would give a payment of ¥2 billion ($19 million) for the 40% stake, with additional investments in the exchange planned, adding that the companies have reported their intent to the Japanese Financial Services Agency (FSA).

On March 25, BitARG denied acquisition claims from the report, just one day after its release. In the meantime, Yahoo Japan Corp. ended yesterday’s session on Wall Street 0.58% lower, while at the end of the trading week on Nikkei, the internet company dropped 0.22%.