Japan-based search engine Yahoo announced it will acquire 40% of BitARG cryptocurrency Exchange from Tokyo next month in order to use their technology to create a new cryptocurrency exchange in approximately 1 year, according to Nikkei Asian Review.
The Japanese financial regulator, the Financial Services Agency (FSA), has already checked and approved BitARG and the report stated that another part of the investment will be paid by Yahoo Japan near the beginning of 2019.
Yahoo Japan will use its subsidiary YJFX, a stock trading platform, to buy the shares in BitARG, which will cost close to 2 billion yens ($19 million) mentioned Nikkei.
Recently, the Coincheck heist of more than $500 million brought Japan to enforce its regulations around non registered domestic cryptocurrency exchanges. The FSA announced, in the beginning of March, that it had crackdown on two cryptocurrency trading platforms.