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A new crypto exchange backed by Yahoo! Japan is reportedly gearing up to launch in May.

The platform is called Taotao, and on day one it will support Bitcoin and Ethereum, with margin options available for XRP, Litecoin and Bitcoin Cash, according to Cointelegraph Japan.

To entice users to sign up, Taotao is offering a giveaway to users who pre-register.

YJFX, a subsidiary of Yahoo! Japan that operates foreign exchange transaction services, revealed plans to purchase a 40% stake in the exchange back in March of last year. At the time, the exchange was called BitARG Exchange Tokyo. Yahoo’s investment was reportedly $19 million.

Taotao will go head-to-head with another crypto exchange set to launch in Japan this year from financial giant SBI, a Ripple partner.

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The exchange, which is called SBI Virtual Currencies, has faced a series of delays and is now set to launch in June. It’s scheduled to support Bitcoin, Ethereum, XRP and Bitcoin Cash.