Home News Japan’s FISCO Group Agrees to Acquire Majority Stake in Zaif’s Tech Bureau

Japan’s FISCO Group Agrees to Acquire Majority Stake in Zaif’s Tech Bureau

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FISCO Group, Japanese financial information provider, agrees to buy a majority stake in Japan-based cryptocurrency Exchange operator Tech Bureau , according to its announcement.
Tech Bureau’s cryptocurrency Exchange Zaif, registered by Japanese government, has been  hacked for about JPY 6.7bn, and lost cryptocurrencies such as Bitcoin and Bitcoin Cash had been saved in users’ hot wallet accounts, according to media reports, published on September 20.   
FISCO’s group company FDAG, which also has Japan’s government-backed FISCO Cryptocurrency Exchange, will provide financial supports, with a deal size of around JPY 5bn(USD 45m) , primarily for the compensation to Zaif users.
The timeline for the deal transaction has not yet been disclosed, and the deal size for the compensation might be changed.
Meanwhile, Tech Bureau will also receive a technical and system support from its partner  company, according to separate announcements.
FISCO is listed on Japan’s JASDAQ, and its market cap is about JPY 10bn.
http://www.fisco.co.jp/uploads/20180920_fisco_pr.pdf
https://www.caica.jp/wp-content/uploads/pdf/2018/20180920_1_oshirase.pdf
https://www.asahi.com/articles/ASL9N2RMWL9NULFA004.html