A crypto exchange backed by Yahoo, TaoTao, is expected to launch on May 30, Cointelegraph Japan reported. TaoTao is owned Yahoo Japan’s subsidiary Z Corporation, and a document published by the exchange says that cash transactions will be permitted for Bitcoin (BTC) and Ethereum (ETH), and margin trading for the aforementioned two in addition to Litecoin (LTC), Ripple (XRP), and Bitcoin Cash (BCH).
— TAOTAO (@taotao_ex) May 27, 2019
First named the Bit Argo Exchange, TaoTao has registered with Japan’s Financial Services and is fully regulation compliant.
Yahoo acquired a 40% stake in in the exchange through its subsidiary, and is believed to have paid 2 billion Yen for it.
It is a big move that the internet giant has moved into the crypto space and its name, along with the fact that it is regulation compliant, may spur a positive price growth for BTC and ETH, and the market in general, as it gives a sense of legitimacy to the space.