One of the latest companies to hop on the cryptocurrency bandwagon is Yahoo Japan. The firm has recently expressed an interest in purchasing a stake in bitARG Exchange Tokyo. This is a cryptocurrency exchange based in Tokyo, and while the exact terms of the deal were not revealed, sources indicate that it cost somewhere between $18.6 million to $27.9 million. For that kind of money, Yahoo Japan would get a 40 percent stake in the exchange.
Yahoo Japan is the latest, but not the only Japanese company to make such a large crypto-related purchase. Just last week, Monex Group announced its plans to buy Coincheck for nearly $34 million.
While not related to Yahoo Japan, Coincheck was the victim of a hack not too long ago. At the end of the heist, the hackers managed to steal about $530 million in digital currency. The company started to reimburse its clients in March this year. We all know how volatile the crypto market can be, which is why it wouldn’t be too far-fetched to assume that Yahoo’s recent announcement caused a slight surge in Bitcoin, Litecoin, and Ethereum value. Yahoo Japan wants to kick off its newest services this fall.
Like it or not, this acquisition further strengthens the value of cryptocurrency around the world. Actually, it’s entirely possible that more companies will perform similar purchases in the near future.
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