Rakuten, one of Japan’s leading e-commerce company’s and one of the largest digital marketplaces in the world announced that it has finalized the registration of its newly rebranded cryptocurrency exchange Rakuten Wallet.
In August 2018, Rakuten acquired the exchange, then known as Everybody’s Bitcoin, for $2.4 million USD. The exchange is intended to enhance the services provided by the e-commerce firm’s fintech projects. Last month, it was rebranded as Rakuten Wallet and is slated to open for user registration this month.
A press release from the company reads: “Rakuten Wallet will contribute to the sound growth of the market as a virtual currency exchange company and will further enhance security and provide enhanced services.”
Beginning in 2016 Rakuten began exploring business opportunities that could be enabled by blockchain and launched a blockchain research outfit in the UK aimed at developing platforms for payment systems. The company has also been looking at how blockchain technology could enable customer loyalty programs and in 2018 the company introduced its solution, Rakuten Coin. Rakuten’s new crypto exchange, Rakuten Wallet, was officially registered with the Japanese Ministry of Finance’s, Kanto Finance Bureau. The Kanto Finance Bureau will have the jurisdiction to monitor the company and provides the authorization to allow the company to legally operate as a cryptocurrency exchange service provider under the Japanese Payment Services Act.
Tatsuya Yamada, who will serve as the president of Rakuten Wallet and will be responsible for managing the growth of the new exchange, which will be headquartered in Setagaya ward in Tokyo.
A number of technology firms in Japan have recently filed applications to also operate crypto exchanges and the Financial Services Agency is expected to approve up to 20 companies by the end of 2019. Recently the FSA issued new licenses to Coincheck and DeCurret that allows them to begin operations for their exchanges this year.