Japan: E-Commerce Giant Rakuten Set to Launch Cryptocurrency Exchange in April
Rakuten, a Japanese e-commerce conglomerate announced on March 26,2019, the launch of its new cryptocurrency exchange in April 2019. This announcement comes after the company registered with the Kanto Local Financial Bureau (KLFB) and re-branded to Rakuten Wallet in earlier in March 2019.
Cryptocurrency Exchange Will go Live in Q2 2019
The company stated that it would commence operation of virtual currency exchange in April 2019. The company, in 2017, submitted an application to the Kanto Local Finance Bureau (KLFB) to operate as cryptocurrency exchange. The long wait finally came to an end when Rakuten Wallet officially registered with the KLFB, under the Payment Services Act.
The company, speaking about the efficiency of its Rakuten Wallet, said:
“As a virtual currency exchange service provider, 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.”
In August 2018, Rakuten acquired virtual currency exchange, Everybody’s Bitcoin, for 265 million yen ($2.4 million). The exchange had received a business improvement order from the Japanese Financial Services Agency (FSA) back in April 2018. After the acquisition, Rakuten went ahead to restructure and strengthen its management system and improve internal systems.
Furthermore, the Japanese giant rebranded to Rakuten Wallet on March 1, 2019. The announcement stated that the current services will top operations at the end of March and users can sign up for the services of the new Rakuten Wallet in April 2019.
E-Commerce Firms Adopting Cryptocurrency
The cryptocurrency and blockchain industry is set to revolutionize different sectors, and E-commerce firms are not left out. Over time, different E-commerce companies have adopted the ever-growing industry, as virtual currency is becoming the preferred mode of payment online for goods and services.
Apart from Rakuten’s upcoming launch of its cryptocurrency exchange in April 2019, the e-commerce giant in March 2018 transited a blockchain-based loyalty program. The company also introduced a digital coin called the “Rakuten Coin” which would serve as the native currency for its blockchain-based loyalty program.
Switzerland’s largest online retailer, Digitec-Galaxus, recently began accepting bitcoin and altcoins such as ether, XRP, litecoin, bitcoin cash, and TRON, among others. According to the company, customers can start using virtual currencies to purchase goods if bills exceed CHF200.
Singaporean E-commerce firm, Qoo10, announced in December 2018 that it was set to launch a blockchain-powered platform call QuuBe on January 1, 2019. The platform which is built on the Ethereum protocol, would provide better service and create advert spaces for merchants on the website and app.