Japanese Giant Rakuten Begins Cryptocurrency Exchange Registration

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The company had earlier announced their intention to register their very own crypto exchange by the end of April, at the conclusion of their registration with the country’s financial regulator. The company was incorporated in 1999 with the aim of giving merchants more power but at a lesser cost. The company advanced from a simple ecommerce start-up where they generated credit cards and were operating an internet bank, to this point where they are now involved in the global financial sector.

In 2012, the company made English its official language from the traditional Japanese, to allow the company to market itself to a wider audience and potential market. Fast forward to the introduction of digital currencies and the company began accepting Bitcoin and made plans to launch their own coin. The company has invested in various businesses as it has picked up expansion including fashion, banking, online retail services, media and travel. The company has even been likened to Amazon, due to its huge success in the last 20 years.

In 2018, Rakuten had announced that it would be acquiring Everybody’s Bitcoin Inc, which was a Japanese crypto exchange company via its subsidiary, Rakuten Card. The company was acquired for 265 Million Yen. Prior to this, the company had sponsored research into blockchain technology and in 2016, launched Rakuten Blockchain Lab, dedicated to blockchain technology. At the time, the company had a reward system where users would be awarded points for using Rakuten services and they could convert these points into tokens using blockchain technology.

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Registration of its cryptocurrency exchange is just one more leap in the right direction, what with the innovative cryptocurrency sector. The announcement was made today and users should be members of the Rakuten Bank and will have the liberty of signing up using a web application, or go through multiple layers of the authentication process. The KYC procedures that Rakuten hopes to implement will play a major role in the adoption of cryptocurrency exchange, and will also provide a 24hour customer service support system.

The company received a license from the Japanese Financial Service Authority (FSA) to function as a cryptocurrency exchange, following the Agency’s dedication to promoting and controlling cryptocurrency exchanges at the start of 2019. The news by Rakuten is commendable following that the Japanese market is steadily growing in the digital assets arena as evidenced by Japanese messaging giant Line, which launched its own exchange Bitbox, and the purchase of the controversial Coincheck by the Monex Group. This week, an influential big investment player in Japan financed over $200 million into Bithumb on its first round of funds drive. Yahoo! Japan which also owns 40% (equity that was purchased for $19million last year) of the cryptocurrency exchange firm Tao Tao will begin its operations in May 2019.

The faith that the FSA has in Rakuten will go a long way in advancing the blockchain agenda of both bodies especially with the amalgamation of the latter which is known for its efficiency in management, even in the ongoing cryptocurrency bear market.

 

 

 

 

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