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Rakuten to purchase Cryptocurrency Exchange

Rakuten to purchase Cryptocurrency Exchange

September 10, 2018 6:32 am,

Everybody’s Bitcoin is a Japanese unlicensed Cryptocurrency exchange that was investigated by Japan’s Financial Services Agency (FSA). It was established in December 2016 and launched in Japan in March 2017. Rakuten group is the Japanese E-commerce giant which has a market capitalization of over 1.2 trillion JPY (353 trillion THB). It consists of 70 businesses, operates Rakuten Ichiba, the largest e-commerce site in Japan in addition to operating the country’s biggest internet bank and third-largest credit card company by transaction value. It offers a diversified range of services spanning travel and leisure, digital content and communications and financial technology services like credit cards, insurance, banking, securities, and digital money.

Rakuten plans to acquire new domestic Cryptocurrency exchange, Everybody’s Bitcoin, for 265 million JPY (78 million THB). The deal is expected to be finalized by 1 October 2018. The purchase would be facilitated via its subsidiary firm, Rakuten Card Co., Ltd.

Everybody’s Bitcoin reported a net loss of 49 million JPY (14 million THB) on 30th March and the role of Cryptocurrency based payments in e-commerce, offline retail and in P2P payments will grow in the future, so this acquisition will play a major role in improving the financial position of the exchange itself. In order to provide Cryptocurrency payment methods smoothly, it is necessary to provide a Cryptocurrency exchange function.

Rakuten also indicated that the purpose of acquiring a Bitcoin exchange is influenced by the increasing amount of foreign exchange users who are asking for the offering of a Cryptocurrency exchange service, however, promising potential business opportunities.