Japanese Crypto Exchange TaoTao Agrees to SBI Purchase After Binance Talks End
The all-stock deal bolsters SBI's crypto exchange services in Japan.
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.
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