Adoption doesn’t only come from utility, but also when major corporations start believing in a new technology. That’s the case with Yahoo!, when its subsidiary YJFX bought a 40 percent stake in BitARG early last year. The project has been renamed to Taotao, and this Japanese cryptocurrency exchange should open its doors in May.
Taotao will be available on the web and as a smartphone application. According to CoinTelegraph Japan the exchange will initially trade bitcoin (BTC) and ethereum (ETH), while litecoin (LTC), bitcoin cash (BCH) and XRP are also available. Prospective users can already sign-up for an account and participate in promotional giveaways.
Taotao is completely approved by the Japanese government, giving it already a strong position in the market. Yahoo!’s money behind the project can give the exchange a significant boost in marketing as well. At the same time the Japanese government keeps imposing new regulations on exchanges, specifically relating to cryptocurrency margin trading.
The investment in Taotao is Yahoo!’s first step in the cryptocurrency and blockchain space. It’s not unlikely the other international divisions of the internet mogul will follow. However, Yahoo! will not be the first tech company to make the leap. IBM has launched its own blockchain in cooperation with Stellar, Microsoft is implementing blockchain technology into its Azure platform, Unity allows crypto-based SDKs among its development services, Sony is working on its own hardware wallet and blockchain-powered digital rights management system, Shell is looking at blockchain-solutions for its distribution process, while Samsung has launched the Samsung Galaxy S10 with built-in hardware wallet and support for decentralized apps.
That’s just the first wave of major companies embracing blockchain and crypto. Yahoo! is still early in the game, and the race is about to begin…
Also published on Medium.