Japanese financial giant SBI Holdings has acquired a local crypto exchange TaoTao. However, the terms and financials of the deal were not disclosed.
October 7, 2020 | AtoZ Markets – SBI Holdings has acquired TaoTao, which operates a cryptocurrency exchange under the umbrella of Z Holdings. In the increasingly competitive domestic crypto asset trading industry, SBI will step up its customer base expansion.
SBI acquires all shares of TaoTao Inc
SBI Liquidity Market, a subsidiary of SBI Holdings, announced Wednesday that it has acquired all shares of TaoTao Inc., which operates the crypto asset exchange TAOTAO, and made it a wholly-owned subsidiary. It was acquired on the same day from Z Fund No. 1 Investment Limited Partnership (General Partnership: Z Corporation), which is a shareholder of the company.
SBI Liquidity Market provides market functions and system development such as foreign exchange margin trading.
Further expansion of crypto asset business with SBI VC Trading
In the SBI Group, SBI VC Trade develops crypto asset trading services. SBI Liquidity Market announced that it has “promoted consideration to further expand the business” and said that “SBI Group’s management resources such as know-how and knowledge as a comprehensive financial group and TaoTao have so far. Make the most of the customer base and service know-how of crypto assets that we have cultivated. “
Z Corporation is an investment company that was established in January 2018 as a wholly-owned subsidiary of Yahoo (then, now Z Holdings). It was established with the aim of concentrating and investing in areas where change will occur within the next 10 years, rather than the existing Internet service area that Yahoo is good at.
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