Rakuten Would Add Support for Cryptos As Soon As March

Rakuten Would Add Support for Cryptos As Soon As March

Japan is in love with cryptocurrencies and its companies too. Tokyo-based e-commerce company Rakuten announced a significant update of its mobile app that would include cryptocurrencies and fiat payments support, according to its earnings release for Q4 of FY2018.

The Rakuten App’s new version will be released on March 18, 2019, as the earnings announcement says, with a substantial upgrade that includes “all payment solutions embedded into one platform.”

According to the announcement, it will include payment and features like R Point, Rakuten Card, Visa, master card, Barcodes and QR codes, Rakuten Edy, and Rakuten Point Card barcodes.

Following the release, the market went wild as experts were speculating about an imminent change in the app to offer support for bitcoins and other cryptocurrencies.

In line of the cashless project, Rakuten will also promote the Smart Stadium Concept where customers that support Rakuten’s professional baseball and Football clubs “will roll out fully cashless payment systems within their home stadiums,” the Rakuten Seimei Park Miyagi and the Rakuten Seimei Park Miyagi.

In the same announcement, the company said it is also reshaping its corporate structure with the “aim to promote cashless payments.”
Raketten Inc will now have under its parachute Rakuten Mobile Network, Rakuten Card Co, other domestic and overseas subsidiaries, but also Rakuten Payment.

Rakuten Payment would be the branch that will support crypto payments through its two subsidiaries Rakuten Edy, and everybody’s bitcoin.
As a matter of context, Rakuten bought Japanese crypto exchange Everybody’s Bitcoin back in August 2018 for $2.4m as one of the first actions regarding Rakuten entering to the cryptocurrency exchange company.

Rakuten has been accepting Bitcoin payments on its American website since 2015.

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