Rakuten acquires Crypto Exchange to Fast-Track in the Japanese market

September 1, 2018 Bitcoin

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Rakuten acquires Crypto Exchange to accelerate its entry into the Japanese market "title =" Rakuten acquires Crypto Exchange to accelerate its entry into the Japanese market "/> </div> </p></div> <p> News </p> </p></div> <p><strong> The Japanese mega e-commerce and internet company Rakuten Inc. is entering cryptographic space. Instead of filing a new application with the country's financial regulator, Rakuten is acquiring an existing cryptographic exchange to accelerate access to the Japanese cryptographic market. </strong></p> <p><em><strong> Read also: Yahoo! Japan confirms entry into cryptographic space </strong></em></p> <h2 style= Rakuten will operate the crypt exchange

Rakuten acquires cryptographic exchange to speed up the Japanese market Rakuten Inc. announced on Friday that "it has decided to acquire Everyco & # 39 ; s Bitcoin Inc. through its subsidiary, Rakuten Card Co. Ltd. "After the stock acquisition, which is expected to take place on October 1, Everybody's Bitcoin will become a wholly owned subsidiary of Rakuten. The acquisition cost is indicated as 256 million yen (~ US $ 2.305.484).

The e-commerce giant wrote:

We expect the role of cryptocurrency-based payments in e-commerce, offline sales and P2P payments to grow in the future. In order to provide cryptocurrency payment methods with ease, we believe that it is necessary for us to provide a cryptocurrency exchange function and we have taken into consideration the entry into the trade of cryptocurrencies like the Rakuten Group.

In addition, the company revealed that a growing number of its FX customers and securities "have requested the provision of a cryptocurrency exchange service".

Rakuten acquires Crypto Exchange to accelerate its entry into the Japanese market Founded in 1997, Rakuten claims to have more than 1.2 billion members globally. The company has over 70 companies through e-commerce, digital content, communications and fintech. He owns the Viber messenger app and has invested heavily in the Lyft car rental service. In 2016, the company created a dedicated research and development unit in Belfast called the Rakuten Blockchain Lab. In addition, the Japanese government granted Rakuten a license in April to manage the fourth largest Japanese airline in Japan.

About Everybody & # 39; s Bitcoin

Rakuten acquires Crypto Exchange to speed up the Japanese market Known in Japanese as Minnano Bitcoin, All Bitcoins have started running a cryptocurrency service on March 30th. The exchange currently offers the exchange of BTC, BCH and ETH against the yen.

In April of last year, the amended Payment Services Act came into force in Japan, legalizing cryptocurrency as a means of payment and requiring all cryptic exchanges in the country to register with the Financial Services Agency (FSA) ).

All Bitcoins of all have applied for a license on September 7, 2017, but its application is still under review. However, the FSA approved 16 cryptographic exchanges. As for those companies Rakuten acquires Crypto Exchange to Fast-Track in the Japanese market that already used cryptographic exchanges before the regulation came into force, the agency allowed them to continue operating while their questions were reviewed. These companies are referred to as "quasi-operators" of cryptographic exchanges or "alleged" cryptographic exchanges.

Rakuten has described:

Currently, all Bitcoins manage the activity as an exchange of cryptocurrency considered and is awaiting the approval of the official registration.

Rapid registration register

Rakuten acquires cryptographic exchange to speed up the Japanese market After the Coincheck attack in January, the FSA reinforced the cryptographic exchange review process. The agency issued a series of business improvement orders and temporarily suspended some quasi-traders.

On 25 April, Everyco & # 39; s Bitcoin received a business improvement order from the local Kanto finance office. "Everyco & # 39; s Bitcoin is working to implement improvements in the articles outlined in the order of business improvement," explained Rakuten

Rakuten acquires Crypto Exchange to accelerate its entry into the Japanese market Due to the more severe revision process, most of the 16 quasi-operators came out of the industry. The FSA confirmed this week at news.Bitcoin.com that only three applications remained from these operators. They are for Coincheck, Lastroots and Everyco & # 39; s Bitcoin.

Coincheck was acquired by Monex Group after the hack. Lastroots has just had more investments from SBI Group, which also has its own cryptographic branch, SBI Virtual Currencies, and offers an encryption service called Vctrade.

According to the announcement of Friday:

Rakuten Group has decided to acquire shares of Everyco & # 39; s Bitcoin so that it can realize the early registration as an exchange of cryptocurrency and develop cryptocurrency services for customers.

According to the giant of e-commerce, Everybody & # 39; s Bitcoin "has decided to expand the business under the Rakuten group to maximize synergies … in order to further promote its cryptocurrency business . "

What do you think of Rakuten that quickly creeps into the Japanese cryptographic market? Let us know in the comments section below.

Images courtesy of Shutterstock, Rakuten Inc, Everyco & # 39; s Bitcoin, Coincheck and Lastroots.

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