cryptocurrency

Rakuten Enters Crypto Exchange Game, Purchases Everybody’s Bitcoin Trading Platform


Rakuten-Bitcoin-Exchange

Japanese e-commerce giant Rakuten is planning to take a big step into the cryptocurrency industry. According to new reports online, Rakuten wants to purchase a Japan-based bitcoin exchange for $2.4 million.

According to an announcement from Rakuten, the company acquired 100% of an exchange called Everybody’s Bitcoin earlier today. The acquisition is valued at 265 million yen or $2.4 million USD.

The exchange will be final on October 1.

This is a big deal for the crypto industry. Rakuten is one of the world’s largest e-commerce companies. They operate the largest e-commerce platform in Japan. They also run Japan’s largest internet bank (and third largest bank overall). They’ve been called the “Amazon of Japan.” So yes, the Amazon of Japan just announced plans to purchase a crypto exchange.

In a statement, Rakuten explained how they believe in the future of cryptocurrencies as a secure online payment method:

“…the role of cryptocurrency-based payments in e-commerce, offline retail and in P2P payments will grow in the future.”

Rakuten wants to prepare for that crypto future by buying a bitcoin exchange today:

“In order to provide cryptocurrency payment methods smoothly, we believe it is necessary for us to provide a cryptocurrency exchange function.”

Rakuten also suggested that the crypto exchange acquisition was made in response to demands from foreign exchange customers on its securities business arm. These customers have been requesting a cryptocurrency exchange service.

Everybody’s Bitcoin is a relatively unknown bitcoin exchange outside of Japan. Within Japan, however, the exchange was one of several unlicensed cryptocurrency exchanges that faced scrutiny from Japan’s Financial Services Agency after the massive Coincheck hack in January. Japanese regulators wanted to ensure better business and security improvements.

Founded in 2017, Everybody’s Bitcoin reported a net loss of around $444,000 in the fiscal year that ended on March 30, 2018.

This isn’t the first time Rakuten has made headlines across the crypto community. Earlier this summer, we published a report explaining that Rakuten was also planning to launch its own cryptocurrency in order to expand its global userbase.

Rakuten, meanwhile, has accepted bitcoin payments since 2015. To accept bitcoin payments on its website, Rakuten has partnered with Bitnet.

Clearly, Rakuten sees potential in the future of cryptocurrency. The Tokyo-based e-commerce giant was founded in 1997 and has grown its Rakuten Ichiba platform to become the largest e-commerce website in Japan. Rakuten also has a direct connection to Japan’s banking industry: they operate the country’s largest internet bank and third largest bank overall.

Stay tuned to see what it means for the crypto industry now that the “Amazon of Japan” is operating a crypto exchange.





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