Japan’s Financial Giant SBI Acquires Crypto Exchange TaoTao after Failed Binance…

The SBI Group said that it will add TaoTao best services in crypto trading to its existing platform to serve the community better and expand its business.

On Wednesday, October 7, the Japanese financial services group SBI announced the acquisition of local crypto exchange TaoTao. This news comes just two days after TaoTao announced ending partnership talks with Binance, on Monday.

SBI acquired 100% of the shares of the regulated crypto exchange TaoTao from Z Corporation for an undisclosed amount. Although the price of acquisition and other details are yet not public, TaoTao said that it will function as a wholly-owned subsidiary of SBILM. “Going forward, we will maximize the strengths of the SBI Group and the customer base and service know-how of crypto assets that TaoTao has cultivated so far to provide the latest, safe and secure crypto asset trading services,” it added.

The SBI Group has been an active participant in the crypto markets for the last few years. It also has its own licensed crypto exchange dubbed SBI VC Trade. In the press release, the SBI Group mentioned that the TaoTao acquisition will help it to expand its business further. The SBI Group wrote:

“In the future, we will make maximum use of the management resources such as know-how and knowledge of the SBI Group as a comprehensive financial group and the customer base and service know-how of the crypto assets that TaoTao has cultivated so far, and the latest, safe and secure crypto assets. We will provide trading services.”

SBI’s CFD Trading for Crypto

As said the SBI Group has been an active player in the crypto space. Earlier in August 2020, the SBI Group announced a CFD trading facility for cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and XRP.

The crypto CFD trading service is offered by the SBI Group via its forex wing SBI FX Trade. SBI is the first forex trading platform in Japan to introduce the CFD crypto trading facility in the country. This new trading facility allows SBI users to trade crypto CFD contracts against the United States dollar (USD) and the Japanese Yen (JPY). The SBI forex-trading platform supports up to six new trading pairs.

CFD Tradings stands for contract for difference transactions and allows users to speculate the crypto price movements against USD and JPY. The crypto CFD trading on SBI is available 24 hours, seven days a week.

Source: Read Full Article