‘Japanese Amazon’ Rakuten Tries Hand on Crypto
A big Japanese e-commerce company, dubbed the Amazon of Japan, Rakuten, released a statement about their plans on making Bitcoin and other cryptocurrency as form of payment processor.
Rakuten Pay, the app platform, is expected to release a new version in the next 4 weeks, attached with a Cryptocurrency payment choice, alongside cash.
Rakuten’s foray into the world of Cryptocurrency paves the way for other e-commerce companies to follow suit.
Actually, it’s not the first time that Rakuten has gotten interested in offering Cryptocurrency as an option for payment. Last January, Rakuten has been reported to begin making changes to its corporate structure to create their own Cryptocurrency exchange called ‘Everybody’s Bitcoin’ to make it their new payment processing subsidiary.
Everybody’s Bitcoin has been bought by Rakuten for 2.4 Million USD, last August 2018.
New payment option
Additionally, this announcement also talked about updating Rakuten’s prepaid card service, the Rakuten Edy. Updates would comprise a QR code scanning integration for payments processing.
It also showed optimism for Cryptocurrency capitalists willing to know about the effect of Rakuten’s offering for Bitcoin as payment option. Based on a report released by Rakuten, its net income grew by almost 1-thirds of a percent in the last year, summing to a total of 1.3 Billion USD.
Regardless of the unstable traction of the Cryptocurrency due to the downward trend it showed last January, it’s starting to look like it’s going to be a really prosperous year for Bitcoin and Cryptocurrency and the acceptance of primary currencies.
Along with the development with e-commerce companies like Rakuten, expecting that its update this coming March, would integrate Cryptocurrency, the organic way of growth that a lot of industry old-timers have demanded is looking to be happening already.
(Jet Encila is a journalist, editor and freelance writer from the Philippines)