SBI Holdings Acquires crypto exchange TaoTao in Japan

In a statement issued by Jpaanese crypto exchange TaoTao Inc. (Minato-ku, Tokyo, The CEO: Keiichiro Arakawa) announced, " We have been developing our business, but today we have transferred all of our issued shares to SBI Liquidity Market Co., Ltd. (Minato-ku, Tokyo, President: Fumiki Ozaki, hereinafter "SBILM"). We are pleased to inform you that we have decided to become a wholly owned subsidiary of SBILM." 

The SBI Holdings acquisition of TaoTao will be used to expand the business intot he crypto asset area. According to the statement issued, SBI possesses abundant know-how and knowledge in all online financial services including crypto asset transactions. With the acquisition of TaoTao, SBI Holdings, one of Japan’s largest financial services groups, added a second licensed cryptocurrency trading platform to its portfolio. The company already offers crypto trading services via its venture capital arm, SBI VC Trade.

The statement made by CEO adds, "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 had also been in talks with crypto exchange Binance but the talks fell through.