The Japanese e-commerce giant may be accepting crypto payments on the latest version of its app.
The latest version of Japan-based e-commerce giant Rakuten’s mobile pay app may support cryptocurrency Payments, according to the company’s 2018 earnings report presentation.
The new version of the app, called Rakuten Pay, will be released on March 18, and will support “all payments solutions embedded into one platform.” Rakuten has been accepting Bitcoin as a payment option through its American portal, Rakuten.com, since March 2015.
In January, Rakuten revealed that its cryptocurrency exchange, “Everybody’s Bitcoin,” had been incorporated as part of the company’s new payments subsidiary, Rakuten Payment. The subsidiary, formerly known as “Spotlight,” previously acted as a base for the company’s loyalty program.
CoinTelegraph reported that although the latest version of the update does not specifically mention cryptocurrency payment support, the statement that “all payment solutions” will be supported on the app may imply that cryptocurrency payments will be supported through Rakuten Payment, the company’s subsidiary.
The app will also support payments by Rakuten Points, Rakuten Cash, and Rakuten Edy (Rakuten’s prepaid e-money); payments can be made by barcode and QR code.
Rakuten Has Been Growing Increasingly Active in the Cryptosphere
Rakuten first acquired Everybody’s Bitcoin for $2.4 million in August of last year. An official statement about the acquisition said that Rakuten was “considering entry into the cryptocurrency exchange industry” because of a belief that "the role of cryptocurrency-based payments in e-commerce, offline retail and in P2P payments will grow in the future."
Additionally, “a growing number of customers, in particular foreign exchange customers, of Rakuten Securities, the securities company of the Rakuten Group, have been calling for the provision of a cryptocurrency exchange service,” the statement said.
Previous to the acquisition of Everybody’s Bitcoin, Rakuten established the Rakuten Blockchain Lab in 2016, which the company describes as “a dedicated research and development organization in Belfast.”
According to the earnings report, the Rakuten ecosystem pulled in roughly $1.3 billion in net income in 2018, a 28.4 percent increase from 2017 year-over-year.
Rakuten is one of a growing number of large Japanese firms to develop a vested interest in cryptocurrency. Internet and finance company SBI Holdings launched Vctrade, its own cryptocurrency exchange, in July of last year.
The latest version of Japan-based e-commerce giant Rakuten’s mobile pay app may support cryptocurrency Payments, according to the company’s 2018 earnings report presentation.
The new version of the app, called Rakuten Pay, will be released on March 18, and will support “all payments solutions embedded into one platform.” Rakuten has been accepting Bitcoin as a payment option through its American portal, Rakuten.com, since March 2015.
In January, Rakuten revealed that its cryptocurrency exchange, “Everybody’s Bitcoin,” had been incorporated as part of the company’s new payments subsidiary, Rakuten Payment. The subsidiary, formerly known as “Spotlight,” previously acted as a base for the company’s loyalty program.
CoinTelegraph reported that although the latest version of the update does not specifically mention cryptocurrency payment support, the statement that “all payment solutions” will be supported on the app may imply that cryptocurrency payments will be supported through Rakuten Payment, the company’s subsidiary.
The app will also support payments by Rakuten Points, Rakuten Cash, and Rakuten Edy (Rakuten’s prepaid e-money); payments can be made by barcode and QR code.
Rakuten Has Been Growing Increasingly Active in the Cryptosphere
Rakuten first acquired Everybody’s Bitcoin for $2.4 million in August of last year. An official statement about the acquisition said that Rakuten was “considering entry into the cryptocurrency exchange industry” because of a belief that "the role of cryptocurrency-based payments in e-commerce, offline retail and in P2P payments will grow in the future."
Additionally, “a growing number of customers, in particular foreign exchange customers, of Rakuten Securities, the securities company of the Rakuten Group, have been calling for the provision of a cryptocurrency exchange service,” the statement said.
Previous to the acquisition of Everybody’s Bitcoin, Rakuten established the Rakuten Blockchain Lab in 2016, which the company describes as “a dedicated research and development organization in Belfast.”
According to the earnings report, the Rakuten ecosystem pulled in roughly $1.3 billion in net income in 2018, a 28.4 percent increase from 2017 year-over-year.
Rakuten is one of a growing number of large Japanese firms to develop a vested interest in cryptocurrency. Internet and finance company SBI Holdings launched Vctrade, its own cryptocurrency exchange, in July of last year.
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
US Prosecutors Recommend 3-Year Prison Sentence for Binance's Changpeng Zhao: Report
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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