SBI Holdings, a Japan-based financial services company group, announced that it purchased all shares of TaoTao after the cancellation of the planned deal between Binance and TaoTao. SBI Holdings now has 2 major cryptocurrency exchanges with this acquisition.
SBI Holdings made a big move after the cancellation of Binance and TaoTao’s strategic deal plan, buying all shares of the TaoTao cryptocurrency exchange. SBI Holdings said it aims to provide a stronger service to users with its two licensed cryptocurrency exchanges. With this strategic move, SBI Holdings’ stocks increased by + 0.23% at the last close.
Dispute Between Binance and TaoTao Has Benefited to SBI Holdings
It was announced that the strategic agreement expected to be realized between the crypto currency exchange Binance and TaoTao was canceled for unknown reasons. Binance and TaoTao, who continued negotiations for about 9 months, officially ended their talks on October 5, 2020. Considering some of the tensions between Binance and Japanese crypto exchanges, the probability of the company to operate in Japan is considered very low.
SBI Holdings: We Aim To Serve Better With TaoTao
TaoTao launched the cryptocurrency exchange in May of last year, and Yahoo! Japan had. With SBI Holdings acquiring all TaoTao shares, the company aims to make the most of TaoTao’s resources. SBI Holdings, which also provides cryptocurrency services through SBI VC Trade as well as TaoTao, stated that they want to provide a stronger and better service with TaoTao as follows:
“In the future, we want to take maximum advantage of the customer base and services developed by TaoTao as well as the resource and management information of the SBI Group.”