Rakuten is a Japanese e-commerce firm and is planning to enter into the cryptocurrency industry. The Asia big company, Rakuten seeks to buy a local bitcoin exchange.
According to the Japanese company, there is already an agreement to own 100 percent of an exchange called Everybody’s Bitcoin on Friday. The deal is to cost Rakuten 265 million yen, or $2.4 million, when it goes through on Oct. 1.
Explaining the move, Rakuten said it believes “the role of cryptocurrency-based payments in e-commerce, offline retail and in P2P payments will grow in the future,” adding:
“In order to provide cryptocurrency payment methods smoothly, we believe it is necessary for us to provide a cryptocurrency exchange function.”
Local Bitcoin Exchange: Everybody’s Bitcoin
The local bitcoin exchange was launched last year March 2017. Everybody’s Bitcoin is one among the many crypto exchanges in Japan that came under scrutiny from Japan’s Financial Services Agency after the Coincheck hack in January, as the regulator sought business and security improvements.
Rakuten has revealed it’s plan to assist the exchange in enhancing its internal systems in an effort to meet with the regulator’s requirements for obtaining a license.
The acquisition deal follows a previous report that Rakuten is also planning to launch its own cryptocurrency as a way to help the group expand its global user base.