Japanese cryptocurrency exchange TaoTao has been acquired by the financial services giant SBI Group after previous partnership talks with Binance came to an end.
According to an announcement made October 7, TaoTao inc. says it has transferred all of its shares to SBI Liquidity Market Co., Ltd, and will operate as a wholly-owned subsidiary under the financial group. The Tokyo-based exchange says SBI acquired the shares from Z Fund No. 1 Investment, formerly Yahoo Japan, for an undisclosed amount.
The announcement claims the new partnership will serve as a way for TaoTao to expand its business in the industry of cryptocurrency, leveraging the “abundant know-how” of SBI in online financial services.
TaoTao had previously been in negotiations with cryptocurrency exchange Binance for a strategic partnership, dating back to the beginning of the year. However, on Monday, TaoTao announced it had concluded the negotiation without reaching a deal.
Under SBI, the Japanese exchange intends to maximize the strengths of the financial services group while focusing on the customer base and services it has cultivated thus far.
According to research from The Block, Japan’s cryptocurrency exchange ecosystem is well-diversified, with a total of 26 licensed exchanges operating in the country.
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