SBI Liquidity Market, a forex and derivatives subsidiary of SBI Holdings, has announced its acquisition of cryptocurrency exchange TaoTao. With this, TaoTao will function as a subsidiary under SBILM to drive crypto trading operations.
The acquisition intends to incentivize and enhance each party’s digital assets within a decentralized marketplace.
Under the deal, TaoTao will operate with improved and customized peer-to-peer (P2P) customer-centric principles that it claims will accelerate not only Japan’s financial economy but the entire world.
Throughout the terms and conditions per the partnership, the acquisition will expand almost all crypto trading operations and other financial related services managed by the SBI VC Trade Co further.
To bring tomorrow’s customer-based services and provide the latest, safe, and secure crypto assets today, SBI Group aims to leverage knowledgeable and comprehensive trading with featured services.
As stated on its press release,
In the future, we will make maximum use of the management resources such as knowledge of the SBI Group as a comprehensive financial group, as well as the customer base and service expertise of the crypto assets that TaoTao has cultivated so far (…).
SBI has yet to reveal the terms of the TaoTao acquisition.
Previously, top crypto exchange Binance was reported to have been planning to enter the Japanese market through TaoTao as a licensed crypto exchange in the country. However, the latter revealed that the negotiation has failed.