Yahoo Japan-Backed Exchange Launches Crypto-Yen Markets and Margin Trading

Yahoo Japan-Backed Exchange Launches Crypto-Yen Markets and Margin Trading

Back in April 2018, it was revealed that Yahoo Japan was planning to launch a cryptocurrency exchange licensed by Japanís Financial Services Agency (FSA). Now, a year later, Yahoo Japanís trading platform Taotao is open offering BTC and ETH trading while also providing users with margin trading available in litecoin (LTC), ripple (XRP) and bitcoin cash (BCH).

Yahoo Japanís Taotao Exchange Has Launched

Yahoo Japan Corporation has officially entered the cryptocurrency trading industry with its newly launched exchange Taotao. Yahoo Japan is an internet company tethered to the American multimedia corporation Yahoo. The web portal operated by Yahoo Japan is the most visited website in the country, offering services like email, Roku, Gyao, Geocities, auctions, shopping, and travel. The companyís exchange was initially called Bitarg up until Yahoo Japan acquired the trading platform last February and renamed it Taotao. The trading platform is fully licensed with the FSA as a Japanese virtual currency exchange business association type 1 member.

The Yahoo Japan-backed cryptocurrency exchange offers both BTC and ETH trading against JPY. The trading platform also provides margin trading with LTC, BCH, and XRP.

Taotao President, Shinichiro Arakawa, announced the launch of the platform on May 30, 2019, with an initial commemoration campaign that gives traders zero fees for 30 days. Additionally, for BTC, ETH, BCH, XRP, and LTC margin trading, the open position management fees from leverage transactions are waived for the first month. Taotao launched the web portal with its slogan ďNew money, new world,Ē and the company believes Taotao makes it easier for cryptocurrency users to trade in a safe manner. The Taotao trading platform can be used in a browser but the exchange also offers a mobile trading experience with its Android and iOS applications. Users can trade with BTC and ETH in a traditional spot market fashion with their smartphone while also playing with leverage on LTC, XRP, and BCH.

Taotao users can trade and execute leverage using either an Android or iOS mobile device. The iOS version of Taotao is pictured above. Users can also register with a Yahoo Japan ID as well.

The Yahoo Japan-backed Taotao claims to offer top-notch trading in a completely isolated environment from the external networks. Funds are kept in cold storage and Taotao also offers multi-signature technology which requires the approval from multiple individuals at the time of withdrawal. In order to prevent unauthorized logins, Taotao requires two-factor authentication (2FA) for accounts. One interesting thing to note about registering for Taotao is users can sign up with a Yahoo Japan ID to make the process much quicker. Still, in order to be fully verified, users are required to provide a photo ID in order to obtain approval. After the Coincheck breach in January 2018, Japanese exchanges have to abide by strict rules in order to acquire a license to operate a virtual currency trading platform. Yahoo Japanís Taotao platform is among 19 FSA approved cryptocurrency exchanges within the country.

A Taotao advertisement which at the time reimbursed accounts with 11,000 yen worth of credit.
Crypto Exchange Competition in Japan Is Growing

Yahoo Japanís entry into the cryptocurrency trading environment will surely help give digital assets further mainstream attention. There have already been advertisements on Yahoo Japanís web portal when the company announced the pre-registration account openings for March 25 and gave up to 11,000 yen in reimbursements for advance registrations.

The Japanese cryptocurrency platform Bitflyer is one of the longest-running exchanges in the country and typically captures the most BTC trade volume in Japan. In 2017 Bitflyer commanded the most crypto volume in the world for a short period of time.

Taotao will compete with a slew of trading platforms and the Japanese forerunner Bitflyer, one of the worldís leading digital asset exchanges by volume. For instance, on Monday, June 10, Bitflyer has processed over $58 million or 7,315 BTC worth of trade volume in the last 24 hours. Moreover, last April news.Bitcoin.com also reported on a few other Japanese exchange newcomers that will compete against Taotao.

The Yahoo Japan-backed exchange Taotao will face other competitors such as Rakuten, Fisco, and Decurret.

One of those examples is the Fisco Cryptocurrency Exchange, which initiated services in Japan during the last week of April. Fisco Digital Asset Group (FDAG) previously worked with Tech Bureau Inc., the firm which operated the hacked exchange Zaif, and FDAG decided to relaunch services seven months later. Then thereís the recent opening of Huobi Japan last January, which introduced LTC, BCH, MONA, BTC, ETH, and XRP trading to Japanese traders. Huobi Group managed a merger with Bittrade and rebranded into Huobi Japan after acquiring a license to operate under the FSAís stricter guidelines. Taotao will also be challenged by the new platform Decurret and the revamped Rakuten service in Japan.

The post Yahoo Japan-Backed Exchange Launches Crypto-Yen Markets and Margin Trading appeared first on Bitcoin News.

10.06.2019 / 10:10 45
Yahoo Japan Buys Stake in Cryptocurrency Exchange Yahoo Japan Buys Stake in
Yahoo Japan confirmed Friday that it has purchased a minority stake in a Japanese cryptocurrency exchange. Z Corporation, a subsidiary wholly owned
Yahoo! Japan Confirms Entrance Into the Crypto Space Yahoo! Japan Confirms Entrance Into the
Yahoo! Japan has confirmed that it is entering the crypto space by acquiring a stake in a Japanese cryptocurrency exchange that is already licensed
Confirmed: Yahoo Japan is Buying 40% Stake in a Cryptocurrency Exchange Confirmed: Yahoo Japan is Buying 40%
Yahoo Japan is set to buy a minority stake in Tokyo-based cryptocurrency exchange BitARG with services primed for launch later this year. In
Yahoo Japan to Launch Cryptocurrency Exchange in April 2019 Yahoo Japan to Launch Cryptocurrency
Yahoo Japan is reportedly gearing up to launch a cryptocurrency exchange, according to a report from the Nikkei Asian Review. According to the
Yahoo! Japan to Launch Cryptocurrency Exchange in 2019 Yahoo! Japan to Launch Cryptocurrency
Yahoo! Japan Corporation, a subsidiary of Yahoo! and SoftBank Group,†is entering the cryptocurrency industry by launching an exchange in April 2019,
Comments (0)
Add a comment
Comment on