Yahoo Japan-backed crypto exchange Taotao to go live this week

Japanese cryptocurrency exchange Taotao announced in a tweet that its trading platform will go live on May 30, at midday local time.

The new trading service, which is 40% owned by internet giant Yahoo! Japan’s YJFX, will offer a trading tool available in smartphone and desktop versions and will offer trading in Bitcoin (BTC) and Ether (ETH). Margin trading support will also be provided for the duo along with three other altcoins, namely, Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH).

Taotao has initiated a pre-registration process and started the onboarding process for potential clients. They are expected to start trading as soon as the service is released as scheduled.

All pre-registered clients, who signed up between March 25 and April 17, 2019, will get a cashback of JPY 1,000. In addition, 500 people who will be trading a total of JPY 250,000 worth of virtual currency from May 30 to July 1, 2019, will enjoy a cashback of JPY 10,000.

Last year, Yahoo Finance added cryptocurrency trading capabilities to its platform, allowing users to trade in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Dogecoin (DOGE) via integration with TradeIt.

Last week, Japan’s House of Representatives submitted new crypto regulations in the upper house of the national Diet, called the House of Councillors. The lower house passed amendments to two existing financial law, namely, the Funds Settlement Act and the Financial Instruments Exchange Act. Both are expected to enhance the local regulations of the cryptocurrency trading process.