TaoTao (Yahoo) ready to offer its cryptocurrency services. The Yahoo group company will begin serving from May.
Taotao (ex BitARG) has announced that it will start trading a limited range of cryptocurrencies as early as next month. May. The company, which is 40% owned by a division of Yahoo! Japan will initially allow its users to trade Bitcoin (BTC) and Ethereum (ETH), with margin positions available in three additional cryptocurrencies: Litecoin (LTC), Bitcoin Cash (BCH) and Ripple (XRP).
According to the above, potential users can already register for an account and participate in a promotional gifts program.
The company's projects have become public knowledge exactly one year ago, when Yahoo! Japan announced that it would acquire an important stake in the exchange through its subsidiary YJFX. At the time, sources suggested that the purchase had cost the company about 2 billion yen ($ 19 million).
The move marks the internet giant's first foray into the world of cryptocurrency exchanges, with Taotao having also obtained approval for the launch on the Japanese market by the competent regulatory authorities.
As Cointelegraph reported, Japan has tried to impose strict control over the entities wishing to launch exchanges, after several famous hacks have brought the sector and its risks into the international spotlight.
Furthermore, it should be clarified that despite the preparation (April 2017) of a more coherent licensing system, the attacks and thefts nevertheless continued. Coincheck, the victim of the biggest hacker attack, with stolen tokens worth over half a billion dollars in January 2018, managed to return to the market only after a corporate acquisition.
At the beginning of this month, new rules were approved, in particular regarding trading with cryptocurrency margin.