Japanese E-commerce Giant Rakuten to Launch New Exchange and Wallet

by Senad Karaahmetovic
Japanese E-commerce Giant Rakuten to Launch New Exchange and Wallet

Rakuten, a Japanese e-commerce giant and one of the main rivals of Amazon, has started accepting registrations for its platform, Rakuten Wallet. As of this month, users can open new accounts for a new service.

“Rakuten Wallet will support sound development of the industry, and provide a safe and trustworthy user experience by further strengthening its security and service offerings,” said the company in a statement.

Previously known as Everybody’s Bitcoin, Rakuten Group purchased the wallet in 2017 for $2.4 million and renamed it to Rakuten Wallet, with an aim to start offering services in the virtual currency exchange business. A month ago, Rakuten Wallet completed registration with the Kanto Local Finance Bureau to obtain the license for virtual currency exchange service provider.

Registered in Tokyo, Rakuten Wallet has a registered capital of 1.38 million yen. In the meantime, the company completed the management restructuring process.

“In response to a business improvement order issued by the Kanto Local Finance Bureau on April 25, 2018, the company has officially restructured its management system, including formulating a business improvement plan and strengthening its business management and internal control systems, and could register as a “virtual currency exchange services provider,” company says.

In the first phase, only existing users who already have an account with Rakuten Bank or have a Rakuten member ID can register an account with Rakuten Wallet. A mobile app will soon be launched to support users and allow them to trade cryptocurrencies, and make deposits and withdrawals.

This news did not provide a surprise for many as Rakuten has already a history of speaking positively about cryptocurrency and blockchain technology. In 2015, Rakuten announced it started accepting bitcoins in the United States.

“Not only can bitcoin support this vision by helping our merchants to compete globally, but it also has the potential to benefit society by enhancing the security, privacy, and convenience of financial transactions,” said Yaz Iida, the president of Rakuten USA.

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