Rakuten, Japan’s largest e-commerce company and one of the largest digital marketplaces in the world, has introduced crypto trading services after it acquired Everybody’s Bitcoin for 265 million yen (approx. US$2.4 million at the time of purchase) in August 2018, rebranding it as Rakuten Wallet.
Since Rakuten acquired Everybody’s Bitcoin, the e-commerce firm revealed that the move was intended to enhance the services provided via its fintech projects. The exchange was rebranded as Rakuten Wallet earlier this year.
According to a Cointelegraph report, Rakuten Wallet announced in an August 19th press release that it now offers three cryptocurrencies for spot trading on its platform: Bitcoin (BTC), Bitcoin Cash (BCH), and Ether (ETH).
The company also revealed its plan to introduce a mobile application for both iOS and Android devices which will allow users to make deposits and withdrawals. Rakuten Wallet will be integrated with Rakuten Bank, an existing service provided by the e-commerce giant.
“Customers who already have a bank account with Rakuten Bank will be able to easily open a Rakuten Wallet account simply by entering the required information on the online application form,” the press release stated.
Rakuten has been exploring other opportunities that could be enabled by blockchain, initiating distributed ledger technology research aimed at developing platforms for payment systems and introducing a loyalty program powered by blockchain technology called Rakuten Coin.
The Japanese ecosystem that revolves around cryptocurrency is quickly expanding, with new players emerging with high hopes to tap into the country’s growing cryptocurrency trade.
In July, a Japanese government agency recently announced its intention to develop a cryptocurrency-based system similar to SWIFT — the interbank payment settlement network currently in use among financial institutions worldwide.
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