Japanese Crypto Exchange TaoTao Agrees to SBI Purchase After Binance Talks End
The all-stock deal bolsters SBI's crypto exchange services in Japan.
Oct 7, 2020 at 2:40 p.m. UTCUpdated Aug 19, 2021 at 4:49 a.m. UTC
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Financial conglomerate SBI Holdings' market infrastructure subsidiary, SBI Liquidity Market said Wednesday it has acquired the Japanese cryptocurrency exchange TaoTao from the Z Corporation for an undisclosed sum.
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- TaoTao will become a wholly owned subsidiary of SBILM under the deal's terms.
- The pair said they intend to utilize each entity's market assets: TaoTao's existing crypto customer base and SBI's knowledge of the financial landscape.
- The acquisition bolsters SBI's crypto trading operations, currently managed by SBI VC Trade Co.
- Just yesterday, partnership talks between TaoTao and Binance fell through.
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