Cryptocurrency exchange giant Binance and two of Yahoo Japan subsidiaries, Z Corporation and TaoTao, have decided to collaborate and break into the crypto-friendly and highly-regulated Japanese market, announced Binance in the official blog post from today.
The Japanese internet giant Yahoo Japan was a successful outcome of the partnership between the American web services provider Yahoo and Japanese multinational conglomerate SoftBank. The reason it became far more successful than its US counterpart was because of its ability to win over large market share with tactical affiliations and product launches.
Last year in June, Yahoo Japan’s trading platform TaoTao launched cryptocurrency trading for its enthusiastic Japanese traders. In 2018, it established Z CORPORATION as a wholly-owned subsidiary to focus on the growth and development of technologies of tomorrow.
Binance partners with Yahoo Japan to take over Japanese market
Today, it is overseeing another major partnership — this time, with the world’s leading crypto trading platform, Binance. According to the announcement, both Yahoo Japan divisions, TaoTao and Z Corp, have entered a formal negotiation stage with Binance Holdings Ltd today to commence preparations for launching an exclusive trading platform for Japanese customers.
With this strategic partnership, involving Binance’s groundbreaking technologies and abundant experience with digital currencies, Z Corp and TaoTao will closely liaise with Japan’s Financial Service Agency (FSA) to ensure a fully-compliant and regulated trading offerings for Japanese users.
Media-friendly and in-vogue entrepreneur, Binance CEO, Changpeng Zhao, immediately took to Twitter to make the big announcement. He said that people living outside of Japan might not comprehend the magnitude of this alliance.
Although Yahoo Japan is derived from its US counterpart, it is operating independently for a long time, and its subsidiaries, TaoTao and Z Corp, are making quite a headway in the Japanese market. Binance couldn’t have asked for better Japanese counterparts than these two, Zhao beamed with pride.
The latest collaboration news certainly does make the Japanese market stand out from its western counterparts in terms of offering digital assets trading services. However, the Japanese government is taking extra precautions to keep its traders from getting burnt. In the latest move, the country’s financial watchdog FSA announced the proposal to reduce the leverage trading ratio from 4x to 2x, preventing users from taking risky decisions leading to massive losses.
Featured Image by Pixabay
