Rakuten Ecommerce Platform Based In Japan Buys Cryptocurrency Exchange

Rakuten, a Japanese Electronic Commerce and Internet Company based in Tokyo, has announced to buy a cryptocurrency exchange named Everybody’s Bitcoin Inc.

It is reported that a statement is based on a stock purchase agreement between Rakuten Card Co., Ltd and Traders Investment.

Rakuten started providing services such as banking, securities, insurance, and Fintech. The company has promoted a few activities in order to provide users with reward points known as Rakuten Super Points. The Rakuten Coin initiative uses a blockchain technology to convert reward points into tokens. It is stated that Rakuten plans for launching a cryptocurrency business in which they will use its own cryptocurrency Rakuten Coin through Viber.

The Financial Services Agency of Japan is likely to increase its headcount for building the Fintech Business Monitoring Office and a Chief Financial Inspector. The main reason behind this effort is to have a strong control over cryptocurrency trading platforms which will be going to start in 2019.

Everybody’s Bitcoin, a cryptocurrency exchange, has begun to provide cryptocurrency trading platform services last year. This platform is making improvements in their business owing to receiving an improvement order from the Kanto Local Finance Bureau.

Rakuten has started researching on cryptocurrency in order to find out their potentiality for implementing in a cryptocurrency business. Also, this giant has researched on Blockchain technology and announced to open Rakuten Blockchain Lab which is a UK based research and development organization, according to a report by Brave NewCoin.

It is stated that the company believes in the future of cryptocurrency and said, “We expect that the role of cryptocurrency-based payments in e-commerce, offline retail and in P2P payments will grow in the future.”

However, Rakuten aims to offer cryptocurrency exchange services to its customers across worldwide. This firm has started to accept Bitcoin as a payment method on its shopping portals and logistics, according to a report by Bitcoinist.

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