A subsidiary of Yahoo Japan is getting into the cryptocurrency space with an investment in the parent company of BitArg Exchange, CMD Lab. A post on the Tokyo based exchange home page stated;
“Today, the Company decided to accept capital participation from Z Corporation, a wholly owned subsidiary of Yahoo Japan Corporation. In addition to implementing a third-party allotment of shares to Z Corporation, CMDC Lab Co., Ltd., the Company’s parent company, will transfer the shares to Z Corporation.”
Rumors cropped up last month that Yahoo Japan was looking to invest in BitArg but the reports were denied by the company. BitArg is expected to be able to utilize the expertise of the Yahoo Japan Group,
The exchange has already registered with the Japanese Financial Services Agency last December and plans to start actual exchange work in the future. This is the first venture for Yahoo in the digital currency industry.