Taotao, a crypto exchange based in Japan, is planning to launch in May with the approval of Japanese authorities.

According to a CNBC report in April 2018, Yahoo! Japan said that it will acquire a 40 percent stake in BitARG Exchange Tokyo, which has since reportedly been rebranded to Taotao.

“Yahoo Japan Corp said on Friday it would buy a minority stake in a Tokyo-based cryptocurrency exchange, becoming the latest major Japanese financial services provider to shrug off security concerns and join the digital money industry,” the report read.

Prior to that, in March 2018, CCN reported that Yahoo! Japan is preparing to launch a cryptocurrency exchange.

Why Are Conglomerates Committing to Crypto?

In Japan alone, at least five major financial institutions and technology conglomerates in the likes of Bic Camera, Rakuten, SBI Holdings, GMO, and Yahoo! Japan are now involved in the cryptocurrency industry in a major way.

Rakuten, known as the Amazon of Japan, acquired a small cryptocurrency exchange last year for $2 million to integrate an infrastructure to potentially accept cryptocurrency payments, and Bic Camera, the country’s biggest electronics retailer, integrated a bitcoin payment system across all its stores nationwide.

In South Korea, virtually every leading conglomerate across major industries are committed to crypto, including Samsung, Hyundai, Kakao’s Dunamu, and SK in areas such as mining, trading, and blockchain development.

In the U.S., in recent months, major financial institutions like Fidelity, ICE, and Nasdaq have released cryptocurrency-related products, fueling the rate in which the cryptocurrency market is becoming institutionalized in a short period of time.

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