In a recent tweet by upcoming crypto exchange, TaoTao, it has been revealed that its operations will be open to the public starting this week, namely on Thursday May 30, 2019 at noon.
— TAOTAO (@taotao_ex) May 27, 2019
As it turns out, Yahoo Japan has a significant stake in this project as reported by Coin Desk, who has since disclosed that it is as much as 40%. The remaining 60% stake belongs to CMD Lab Inc., a Tokyo-based company devoted to research and investing. Coin Desk also referenced another news outlet, Nikkei Asian, who previously disclosed Yahoo Japan’s involvement as an endeavor to “develop a new exchange platform using BitARG’s technology.”
Legitimacy is said to be the least of one’s worries, as the crypto exchange has since registered (number: 00001) and has gotten the green light from the Financial Services Agency (FSA).
In addition to crypto trading, with initial options including Bitcoin [BTC] and Ethereum [ETH], it seems like the crypto exchange will be making leverage available as well. This is because the team strongly believes that it allows traders to make more profit by investing a significantly smaller amount.
Japanese cryptocurrency exchange Taotao, which is 40% owned by internet giant @Yahoo Japan’s #YJFX, will launch its trading service on May 30 & will initially offer to trade in Bitcoin (#BTC) & Ether (#ETH). Margin trading will also be available in #LTC, #XRP & #BCH.
— Binex News (@BinexNews) May 27, 2019
Investors should bear in mind that losses might be incurred, therefore, like any other investment strategy, users must be knowledge of their moves. As for the options available under this strategy, they include cryptos like Ripple [XRP], Litecoin [LTC] and Bitcoin Cash [BCH].
In terms of the tools offered, TaoTao noted that they will satisfy the needs of varying experience levels, while emphasizing on convenience by providing both desktop and mobile app versions.
Finally, upon visiting the official website, it is evident that security is strongly stressed as the team will be introducing what’s called a Web Application Firewall (WAF), which is deemed the ideal way to protect users from application vulnerabilities.
Furthermore, cold storage is used to prevent online attacks, and like many exchanges, a two-step verification will be implemented to block potential spoofing.