The company has signed an agreement for a share transfer of Everybody‘s Bitcoin exchange. The purchase will cost the company around 265 million yen or $2.4 million.
The Rakuten Group is not limited to e-commerce only. It deals with over 70 different services starting with finance, digital services, credit cards, insurance, and much more. Through membership, the Rakuten Group's clients can take advantage of the numerous operations it offers.
In 2016, the company created a Blockchain Lab, which is actively involved in the development of blockchain technology. As cryptocurrencies grow more nowadays, Rakuten understands that in order to manage and facilitate their clients, they need an exchange platform to step into the industry.
Rakuten is based in Japan, but it has received numerous requests from its foreign customers for an exchange added to the main platform.
The cryptocurrency exchange Everybody‘s Bitcoin was inaugurated on March 30, 2017, and by September the same year, the platform began the registration process in Kanto Local Finance Bureau. The exchange is still waiting for approval while updating its services to prepare for the procedure.
The intention of Everybody‘s Bitcoin is to become a licensed exchange platform and has chosen to go under Rakuten‘s care to fulfill its aspiration. The combination of knowledge from the crypto exchange and Rakuten‘s financial services will allow faster registration.
Furthermore, Rakuten is planning on launching its own cryptocurrency to assist the group‘s expansion. The future impact of Rakuten after the acquisition of the exchange cannot be determined. Everybody‘s Bitcoin has lost over $ 444,000 for the fiscal year estimated in March 2018.