Yahoo Will Facilitate Retail Stock Trading

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Last Updated on December 3, 2022 by Bitfinsider

In May of 2021, the $5 billion acquisition of Verizon Media by private equity titan Apollo Global included Yahoo Finance, Yahoo Sports, AOL, TechCrunch, Engadget, and Autoblog. Now, the company’s revenue plan for these sites is becoming more transparent.

Apollo aims to provide sports betting through Yahoo Sports and retail stock trading through Yahoo Finance, according to Axios.

There are indications it will consider introducing cryptocurrency trading.

Apollo approached Mike Novogratz’s Galaxy Digital about the idea of combining to offer crypto trading on Yahoo Finance in the summer of 2021, shortly after announcing it would purchase Yahoo, two people told Bitfinsider last year.

Adding cryptocurrency to its retail trading tools would be logical. Yahoo Finance established a partnership with CoinMarketCap in November 2019 in order to provide pricing data and charts for thousands of cryptocurrencies. Prior to this partnership, Yahoo Finance obtained its crypto data from CryptoCompare and listed much fewer currencies in total. Additionally, the website features a bitcoin heatmap view.

The chief executive officer of Yahoo, Jim Lanzone, told Axios, “We’re here to invest.” “Investing requires not only internal innovation, but also a willingness to explore all partnership and M&A opportunities.”

Yahoo is eager to offer retail investment options, but it is unclear how the business would enforce KYC/AML standards, particularly in light of the fact that the collapse of FTX has prompted even greater calls for crypto regulation from legislators.

In addition, it is unknown whether other crypto trading businesses Apollo has sought for a partnership. It would need to be a business with sufficient liquidity to manage the volume coming via Yahoo, as well as sufficient compliance checks for Apollo to feel comfortable aligning with it. In October, Apollo joined with Anchorage Digital to provide institutional crypto custody services, making Anchorage a plausible choice. Apollo may potentially contact a retail exchange such as Binance, Coinbase, or Kraken. In August, Coinbase teamed with BlackRock to provide institutional trading services, which might provide Coinbase a competitive advantage.

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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.