Z Corporation, a wholly owned subsidiary of Yahoo Japan confirmed today after weeks of rumblings that it has signed a contract with BitArg Exchange Co., Ltd., a subsidiary of CMD Lab.
The Yahoo subsidiary will complete the transfer of shares this month from CMD Lab and the third party allotment from BitArg Exchange Tokyo, which will become an equity-method affiliate of Z Corporation.
Z Corporation, established to challenge areas different from Yahoo’s existing business, will capital participate in the new BitArg Exchange Tokyo which was authorized as a virtual currency exchanger from the Kanto Local Finance Bureau.
The Z Corporation said:
“We will enter the blockchain related area where the application is expected and the virtual currency business. In addition, by utilizing the service operation and security expertise of the Yahoo group, we support the operation of the exchange operated by BitArg Tokyo and the operation after the start, we aim to offer service that is easy and safe to use.”
After the acquisition of shares CMD Lab will own 60% and Yahoo’s Z Corporation 40%.