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Japanese Crypto Exchange TaoTao Agrees to SBI Purchase After Binance Talks End
The all-stock deal bolsters SBI's crypto exchange services in Japan.
By Danny Nelson
Updated Sep 14, 2021, 10:05 a.m. Published Oct 7, 2020, 2:40 p.m.
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.
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- 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.
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