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.