Japanese e-commerce giant Rakuten, which has a market capitalization of over $12.5 billion, has actually exposed a 265 million yen ($2.4 million) deal to get domestic crypto exchange Everybody’s Bitcoin, in a statement
published August 31. The deal, which will supposedly be settled by October 1, has been made through Rakuten’s subsidiary, Rakuten Card Co. Ltd. It is based on a stock purchase arrangement in between the latter and Everybody’s Bitcoin parent business Traders Investment.Today’s statement shows that Everybody’s Bitcoin reported a net loss of around$444,200 in the ending March 30, 2018. Rakuten states it has been”considering entry into the
cryptocurrency exchange market”as it thinks “the role of cryptocurrency-based payments in e-commerce, offline retail and in P2P payments will grow in the future.”The firm has even more said that the acquisition is available in reaction to demands from a growing variety of customers, in particular forex customers of its securities subsidiary, who have been calling for the provision of a cryptocurrency exchange service.The deal has been revealed just 4 months after local authorities provided a organisation enhancement order against Everyone’s Bitcoin following on an on-site assessment by Japan’s Financial Providers Firm( FSA). The assessment had reportedly exposed deficiencies in the exchange’s management control systems, and ordered
the exchange to implement an action strategy to control loan laundering and financing of terrorism and to dedicate to a series of other system threat, company and book management improvements. Rakuten says the acquisition will assist the exchange to please the regulator’s requirements for acquiring an official< a data-amp= https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/japan-issues-cryptocurrency-exchange-licenses/amp href=https://cointelegraph.com/news/japan-issues-cryptocurrency-exchange-licenses > operating license. Previously this year, Rakuten revealed plans to release its own cryptocurrency as part of a new-based loyalty program. As early as 2016, the company had gotten the copyright assets of Bitcoin payment processor BitNet, as well as opening its Rakuten Blockchain Laboratory to explore applications for blockchain in e-commerce and fintech.