Japanese e-commerce giant Rakuten is set to launch its digital asset exchange after completing registration with the country’s financial regulator.
According to the press release published on March 26, the crypto exchange Raketen Wallet will go live next month.
“Rakuten Wallet…which operates a virtual currency exchange service, announced that registration with the Kanto Local Finance Bureau has been completed as a “virtual currency exchange service provider” based on the Payment Services Act,” the announcement noted.
Last August, the Japanese giant acquired the cryptocurrency exchange formerly known as Everyday’s Bitcoin for 265 million yen (around $2.4 million). Earlier this year, the company made some major changes in its structure and formed a payment subsidiary under which it listed its crypto exchange.
“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 so that more customers can use it safely and with confidence,” the press release added.
On March 25, the #Japan #FSA approved two additional #crypto #cryptocurrency exchanges, #DeCurret and @RakutenToday #Wallet. #Rakuten had acquired “Minna no Bitcoin” in August 2018, and the new service will launch in April 2019. pic.twitter.com/9vPqfJyxtb
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— Tokyo DeFi – Decentralized Finance (@norbertgehrke) March 26, 2019
Big Techs Betting on Crypto
Meanwhile, another cryptocurrency exchange in Japan – Taotao – backed by a subsidiary of Yahoo Japan is also scheduled to start crypto trading services in May.
After the Coincheck hack last year, the Japanese market regulator started to crack down on the operating crypto exchanges within its jurisdiction for operational and technological lapses. Everyday’s Bitcoin was one of the crypto exchanges that received an order of improvement, last April, from the Financial Services Agency (FSA).
Slowly Moving Towards Crypto
Rakuten Wallet is not the first step of the Japanese giant towards crypto and blockchain industry as in 2016, the company established “a dedicated research and development organization” for blockchain called Rakuten Blockchain Lab.
Last month, Finance Magnates reported that Rakuten is planning to accept cryptocurrencies on its mobile payment app.