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.
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Yahoo Japan, which is also the country’s biggest online auction site, said in a statement it would buy through a subsidiary a 40 percent stake in BitARG Exchange Tokyo, with services planned for launch in the autumn.
Yahoo Japan did not give details of the value of the investment. But a person familiar with the matter said it would likely total 2 billion to 3 billion yen ($18.6 million to $27.9 million).
Shares in Yahoo Japan closed down 0.2 percent, against a 0.6 gain for the benchmark Nikkei average.
The deal comes after Japanese online brokerage firm Monex Group Inc (8698.T) said last week it would buy hacked cryptocurrency exchange Coincheck Inc for $34 million.