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. UTC

Updated Sep 14, 2021 at 10:05 a.m. UTC

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.

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.

Read more about

Japan SBI Group CoinFlash

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.