SBI, a Japan-based financial services group, has acquired its second licensed cryptocurrency trading platform, TaoTao, for an undisclosed amount, providing an exit for corporate venturing backer Z Corporation.
SBI’s foreign exchange and derivatives division, SBI Liquidity Market, bought all of TaoTao’s shares. Z Corporation, a subsidiary of Z Holdings (formerly known as Yahoo Japan and itself owned by internet conglomerate SoftBank), reportedly owned 40% of TaoTao but has not disclosed when it invested.
Founded in 2017, TaoTao launched its crypto trading exchange in May 2019. SBI VC Trade, a crypto-focused corporate venture capital subsisidary of SBI’s securities division, already manages its own trading platform.
SBI Group began in 1999 as a subsidiary of SoftBank known as SoftBank Investment, before Softbank sold all its shares in SBI in 2006.
SBI has been rapidly expanding its venture capital activities having partnered Sygnum earlier this month to set up a digital assets fund. It is also managing a fund for Dip, the Japan-listed operator of a recruitment platform, and teamed up with Sumitomo Mitsui Trust for a digitalisation fund.
