Yahoo Japan Corp said on Friday it would buy a minority stake in a Tokyo-based cryptocurrency exchange, Reuters reports.
The corporation will buy a 40 per cent stake in BitARG Exchange Tokyo and plans to launch services in autumn.
The sum of the deal has not been disclosed, but Reuters quote a person familiar with the matter as saying it would likely total 2 billion to 3 billion yen ($18.5 million to $27.8 million).
The deal comes after Japanese online brokerage firm Monex Group Inc said last week it would buy hacked cryptocurrency exchange Coincheck Inc for $34 million.
Yahoo Japan first announced plans to acquire a cryptocurrency exchange last month. It said it would spend the next year using BitARG’s technology to build a full-fledged exchange.
By Siranush Ghazanchyan