Just two days after Japanese crypto exchange TaoTao ended its 10-months long strategic partnership talks with Binance, financial service giant SBI has acquired the exchange.
The negotiation between Binance and TaoTao, which started in January and was concluded this month, was part of Binance’s effort to debut the Japanese market.
However, today’s announcement revealed that SBI had acquired 100% of TaoTao’s share for an undisclosed amount. As a result, the Japanese licensed crypto exchange has become a wholly-owned subsidiary of SBI Liquidity Market.
The reason why the negotiation between TaoTao and Binance was unfruitful remains unknown as neither of the companies has commented on the matter.
TaoTao is still a young crypto exchange. Coinfomania reported that the company was launched in May last year. At the time, the company, partly owned by Yahoo! Japan, announced that it would provide a safe environment for its clients to trade top cryptocurrencies, including Bitcoin (BTC) and Ether (ETH).
The exchange now hopes to expand its services using SBI’s vast financial services experience, since the latter already owns a cryptocurrency exchange called SBI VC Trade, launched last year. SBI now owns two crypto exchanges.
“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,” TaoTao said.
SBI Liquidity Market, established in 2008, is a part of the SBI Group, Japan’s largest online financial conglomerate.
The subsidiary focuses on providing FX and derivatives services for the SBI Group to obtain foreign currencies and foreign currency hedging through spot, futures, or options and provide FX services to external clients.