Rakuten’s Payment App Supports Cryptocurrencies

Last Modified:12 May 2020 17:07:59
Rakuten’s Payment App Supports Cryptocurrencies

According to the report published by the Japanese service provider Rakuten on February 12, 2018, it turned out that the new version of this company’s payment app supports cryptocurrencies as well. This update will be released on March 18. The structure of this application is in a way that Rakuten, as well as fiat payments, will support cryptocurrencies.

Rakuten is the name of an electronic commerce Japanese company managed by Hiroshima Mikitani which provides internet services. Rakuten is the largest e-commerce company in Japan and one of the largest in the world.

Hiroshima Mikitani, CEO of Rakuten, founded his company in February 1997, and in 2012 the income of this company reached $4.7 billion. Rakuten has a total of 10,351 employees across the world.

The electronic service provider Rakuten stated in his last quarterly and annual report in 2018 that the new version of the payment application is capable of supporting all the payment solutions in a unified platform.

According to what Cointelegraph published in the month of January and the available data from Rakuten which is called Japan’s Amazon, this company intends to make some changes in its organizational structure. In creating this structure, Rakuten will change the subsidiary company Spotlight into a payment institution. Also, Rakuten’s cryptocurrency exchange which is called Everybody’s Bitcoin works as part of the new institution called Rakuten Payment. Moreover, this organization will support the prepaid card services, Rakuten Edy.

It has been stated in the financial reports that the updated version of this company’s payment application will support Edy prepaid services and also QR payments in the future.

“Providing All Payment Solutions” refers to supporting cryptocurrency payments in the new Rakuten system.

In 2018, the payment company Rakuten bought out the Japanese cryptocurrency exchange for $204 million. According to representatives of this exchange, Rakuten was focusing on entering the cryptocurrency trade industry, because it believed that the role of cryptocurrency-based payments in electronic commerce, offline retail, and peer-to-peer payments would develop in the future.

According to reports published by Rakuten, it is shown that this company had an income of about 141.9 billion yuan ($1.3 billion) in 2018. It should be mentioned that compared to 2017, this income has had a 28.4% increase.

In March 2015, Rakuten.com was accepted in the American portal as a payment option.

The large internet and financial services management SBI holdings which is located in Japan is really inclined toward the atmosphere of cryptocurrencies, and so it founded its unique cryptocurrency exchange named Vctrade in July. This exchange provided the possibility of large cryptocurrency deposits in December 2018.

The Japanese financial giant, recently announced that its internal cryptocurrency exchange is now open for business. This service is available for users who registered in October of 2017, and it is expected that it will be open for public during the time.

Also, SBI announced that in the first try only the Ripple cryptocurrency would be traded in Vctrade service. After this Bitcoin and Bitcoin Cash will be added to this service in unspecified intervals.

The Vctrade service, after receiving its license from Japan’s FSA, was set to work in February, but security concerns have delayed its unveiling.