As per the latest reports from the industry, Yahoo! Japan has acquired a minty 40% stake in a Tokyo-based cryptocurrency exchange BitARG. The remaining 60$ will still be owned by CMD Labs, which is the parent company of BitARG.

Yahoo! Japan is one of the most popular websites in the country raking #4 in terms of traffic. Yahoo! Japan has bought this minority stake in BitARG exchange through its wholly owned subsidiary called ‘Z-Corporation’.

CMD Lab Representative Director Yoon Hee Yuan confirmed this deal saying: “We decided to expand the virtual currency business by collaborating with Z Corporation.”

BitARG also issued an official notice on its website stating:

“Today, the company decided to accept capital participation from Z Corporation…the company will be able to utilize the service operation and security expertise of the Yahoo Japan Group, which will make it easier for customers, [in order] to prepare for the start of the exchange service managed by the company and to improve the operation after the commencement. “

Although the financial terms of the deal are not yet officially disclosed, the person familiar with the matter said that it is likely to “total 2 billion to 3 billion yen ($18.6 million to $27.9 million),” reported Reuters.

Yahoo! Japan said that it will be launching its service later this year, and also over the course of the next year 2019, the company will be making additional investments in the exchange through its other subsidiaries.

Last year, BitARG received an official license from the Japanese financial watchdog – the Financial Services Agency to carry out trading operations in the country.

Last week, another online brokerage firm of Japan – Monex announced its plans to buy the Coincheck exchange which was a victim of the $500 million hack, earlier this year.