Yahoo Japan has snapped up a stake in a cryptocurrency exchange, signalling further support of the controversial digital assets from the country's financial services sector.
The firm bought a 40 per cent stake in BitARG Exchange Tokyo for an undisclosed sum. Reuters has reported the deal was likely worth ￥2bn to ￥3bn (£13m to £20m). The exchange is set to launch in the autumn.
It comes after Japanese financial services group Monex agreed to buy the troubled cryptocurrency exchange Coincheck for ¥3.6bn last week.
While bitcoin investing is popular in Japan, a number of high-profile heists, including at Mt Gox and Coincheck.
The Bank of Japan has also struck a negative tone about cryptocurrencies in a Q&A for the general public, flagging the risks associated with digital currencies.
Read more: Fifth of adults tempted to invest in cryptocurrencies for first time
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