Yahoo! Confirms Purchase of Stake in Cryptocurrency Exchange

Friday the 13th might seem like bad luck to some but for Yahoo! they saw it as a good thing. Yahoo! Japan Corporation has issued a statement saying they made a 40% stake in the BitARG Exchange, which is headquartered in Tokyo.

The purchase will be handled through Yahoo's Japan subsidiary. Monetarily speaking, it’s currently not known exactly how much the deal is worth, but some are saying it could be around $28 million (USD) or 3 billion Yen.

Rumors were circulating for many weeks now about the deal and until recently bitARG denied any kind of purchase by Yahoo! The 40% stake in bitARG was said to be reported to Japan’s Financial Services Agency (FSA) by the Nikkei Stock Average.

This new deal allows Yahoo! to enter into the largest cryptocurrency network system in the world.

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Jack Taylor is a freelance journalist who has contributed to many award winning media outlets on a wide range of topics regarding trending technologies, cryptocurrency, blockchain & digital privacy.