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SBI-acquired TaoTao exchange in Japan relists XRP

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Even though XRP’s status is under SEC’s scrutiny in the United States, the asset was embraced by Ripple Labs’ major partner, the SBI Group located in Japan. Due to this crucial partnership, XRP has not yet been dismissed as a digital asset in the country. This was visible as many exchanges that had earlier delisted XRP have been relisting it.

The latest cryptocurrency exchange to relist XRP was TaoTao. As per reports, the exchange will start handling physical transactions for XRP from 22nd September 16:00, post maintenance. The exchange already offers Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC], and Bitcoin Cash [BCH].

This addition of XRP followed the merger of TaoTao with Japan’s largest online financial conglomerate, SBI Holdings. SBI’s foreign exchange and derivatives arm SBI Liquidity Market acquired all shares of TaoTao exchange, making it a wholly-owned subsidiary of the company. With this new addition, SBI now owned two licensed cryptocurrency trading platforms including its own SBI VC Trade.

As per the SBI official statement, the acquisition will contribute to the company’s mission of offering better crypto-related services. Further,

“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 also announced the launch of the country’s first crypto fund by the end of November, that can give individual investors a way to diversify their broader portfolio. As per reports, Tomoya Asakura, who oversees asset management for Japan’s biggest online brokerage, said,

“The fund could grow to several hundred million dollars invested in coins including Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin and possibly others.”

Looks like Japan is poised to becoming a crypto-friendly nation with the banking giant spreading its wings with a variety of crypto assets and products.

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Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.