SBI Acquires All of the Shares of TaoTao Cryptocurrency Exchange

The financial services group SBI Holdings has revealed in a press release the acquisition of all of the shares of a Japan-based digital currency exchange known as TaoTao. As per the official announcement post issued on October 7, 2020, this Japanese cryptocurrency exchange is now owned by SBI Liquidity Market a foreign exchange subsidiary of SBI Holdings.

While issuing notice about the acquisition of the TaoTao cryptocurrency exchange, SBI Group said that TaoTao has become a fully-owned subsidiary of SBI Liquidity Market (SBILM). According to the announcement, the company has bought the Japanese exchange’s all of the hundred shares from Z Fund No. 1 Investment Business Limited Liability Union also known as Yahoo Japan which is the previous shareholder of this cryptocurrency exchange. The amount paid for these shares has not been revealed by the company so far.

This is the second licensed and regulated digital currency trading exchange that has been acquired by SBI in the country of Japan. Before this acquisition, the company is already operating a regulated cryptocurrency trading platform known as SBI VC Trade. This cryptocurrency venture capital arm of SBI is a known subsidiary of SBI Securities and it offers users digital assets trading services.

SBI considers the acquisition of the TaoTao exchange crucial for the company as it will help the company in strengthening its digital currency business more in the industry. SBI said in a statement that it is planning on maximizing the usage of the management resources which includes utilizing “the customer base and service know-how of the crypto assets that TaoTao has cultivated so far”. In short, the acquisition will help the company in providing good services related to cryptocurrency.

This news of the acquisition of TaoTao by SBI has come after the negotiations between TaoTao and the leading digital currency exchange Binance came to an end recently on the 5th of October. The negotiations between these two exchanges started in the month of January this year and remained active for the next nine months. However, they are not negotiating with each other, not anymore.

Author: MubaShar Nawaz
MubaShar Nawaz is an experienced writer working for TheForexPro.info. Having passion for writing, he covers news articles from the finance and trading world.

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