Rakuten Acquired Tokyo Based Cryptocurrency Exchange

Rakuten, E-commerce retail giant, has announced it’s intrusion into cryptocurrency industry with its recent acquisition of ‘Everybody’s Bitcoin’, a cryptocurrency exchange for $2.4 Million.

In an official announcement, the firm stated that they have  acquired 100% ownership of the Tokyo based exchange through one of it’s subsidiary, Rakuten Card.

Rakuten, stated their motive behind this deal as they think  cryptocurrency payments would be making it’s foray Japan’s  Ecommerce as well as retail sector specifically for P-2-P payments.

As per the official statement

“In order to provide cryptocurrency payment methods smoothly, we believe it is necessary for us to provide a cryptocurrency exchange function, and have been considering entry into the cryptocurrency exchange industry as the Rakuten Group.”

To be noted, Rakuten also mentioned that a large number of people using their security services have been asking them to incorporate a provision of cryptocurrency exchange. This is also credited as one of the reasons for the company to enter this sphere.

Rakuten is one of the frontiers who accepted Bitcoin payments for its global e-commerce marketplace.

The firm stated today,“Rakuten Group decided to acquire everybody’s bitcoin shares so that it can realize the early registration as a cryptocurrency exchange and develop cryptocurrency services to customers by combining the know-how of everybody’s bitcoin as a cryptocurrency exchange, and the know-how of Rakuten Group as a provider of various financial services.”

This acquisition has surely been proved as a life saver for the Tokyo based unlicensed exchange, which since been launched after 2017, got slapped with a business improvement order  and onsite inspection by Financial Services Agency (FSA), Financial regulators in Japan, this April.

On that front, Rakuten assured that Everybody’s Bitcoin would be “working to implement improvements” and “register officially” with the FSA, Rakuten added.

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