A Japanese cryptocurrency exchange called Taotao, formerly known as BitARG, has revealed it’s set to launch in May of this year. Taotao is 40% owned by a subsidiary of Yahoo! Japan, and will let users trade cryptocurrencies and enter leverage positions.
According to Finance Magnates, the Taotao exchange is set to include two cryptocurrencies in its platform – Bitcoin and Ethereum – and will let users enter leveraged positions for three more cryptos: XRP, BCH, and LTC.
The exchange is currently running a pre-launch campaign to onboard new users. As part of the campaign, the exchange will offer 1,000 JPY ($9.1) to 500 random users who trade over 250,000 JPY (about $2,270) through its platform.
Notably, Taotao as announced as BitARG back in March of last year. At the time the announcement made headlines as it’s 40% owned by a subsidiary of Yahoo! Japan, which meant the firm was looking to enter the cryptocurrency space.
The subsidiary, YJFX, reportedly acquired a stake in the firm for 2 billion JPY (around $19 million). The number hasn’t been confirmed, however, as the amount the was inked for was never officially disclosed.
While Japan is notably one of the largest markets for cryptocurrency exchanges, it took a hit last year when over $500 million worth of NEM tokens were stolen from Coincheck. Japan’s Financial Services Agency (FSA) has made it mandatory for trading platforms in the country to gain a license to operate.
Taotao has reportedly obtained the license to list cryptocurrencies against fiat currency on its platform. As covered, last year there were 190 companies looking to register as cryptocurrency operators with the FSA.