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Bitcoin of all started providing cryptocurrency exchange services in March 2017 and now functions as a cryptocurrency exchange with pending registration applications. Everyone's Bitcoin received a business improvement order from the local Kanto finance office in April and is making improvements.
The Rakuten group has expanded its Rakuten ecosystem by providing banking, securities and insurance services, as well as various Fintech services, including electronic money. In addition, as part of its point-based reward system, which is popular throughout Japan, the Rakuten Group has promoted activities to provide Rakuten service users with premium points called Rakuten Super Points that can be used across a range of Rakuten services. . The Rakuten Coin initiative, which converts reward points into tokens using blockchain technology, is also in progress.
Rakuten is said to focus on the potential of cryptocurrencies as a means of payment for e-commerce, brick and -mortar stores and peer-to-peer (P2P) transactions. It is believed that Rakuten wants an exposure to the cryptocurrency exchange operations because the underlying trading infrastructure will help the company provide cryptocurrency-based payment solutions.
Another reason for Rakuten's decision is an increasing expectation among Rakuten Securities customers that the company will provide opportunities to invest in cryptocurrencies.
Rakuten has facilitated research on cryptocurrencies and blockchain technology for a few years, while promoting Fintech's activities. In August 2016, Rakuten announced the opening of Rakuten Blockchain Lab, a UK-based research and development organization dedicated to blockchain technologies. In July of this year, the media reported Rakuten's plan to launch a cryptocurrency business in Russia using its cryptocurrency Rakuten Coin through Viber. Viber is a free messaging and call service provided by Viber Media Ltd – also a subsidiary of Rakuten.
In Japan, the Japan Financial Services Agency is evaluating the increase of its staff in response to the creation of the Fintech Corporate Monitoring Office and a Chief Inspector as part of efforts to strengthen controls on cryptocurrency trading from 2019. As the entry of one of the largest Japanese companies in the trade of cryptocurrencies will have an impact on the domestic market is attracting increasing attention.
Purchasing or trade development being one of the preferred channels with which Japanese listed companies expand into the cryptographic sector. The news of Rakuten follows the revelation of the Japanese messenger giant Line in July that would launch its exchange BitBox and the purchase of the distressed Coincheck exchange by Monex Group in April.
In related news, Line has announced the launch of its cryptocurrency LINK, which will provide a reward for activities for users within the Line ecosystem . The line says LINK can be used as a payment to launch soon Dapps and service categories such as content, commerce, social and games. A total of 1 billion LINK will be issued, says the company, of this amount, 800 million will be allocated for user premiums, while 200 million will be managed by Line as a reserve.
