Rakuten opened the Rakuten Blockchain Lab in 2016 following the acquisition of assets from Bitnet Technologies Ltd. The company wanted to implement Belfast-based Bitnet`s payment options. Now Rakuten is reportedly planning to introduce a new cryptocurrency named Rakuten Coin.
Rakuten opened the Rakuten Blockchain Lab in 2016 following the acquisition of assets from Bitnet Technologies Ltd. As announced at the time, the Japanese company that competes with Amazon, wanted to implement Belfast-based Bitnet`s payment options.
Now their efforts related to researching blockchain technology and introducing Bitcoin payments have paid off. The company is reportedly planning to introduce a new cryptocurrency named Rakuten Coin that is built on blockchain technology and the company`s loyalty program. The latter is known as Rakuten Super Points and is hoping to encourage loyalty services globally and to help customers buy goods across Rakuten`s services and markets, as Tech Crunch writes.
The announcement of the upcoming cryptocurrency launch was made by Rakuten`s CEO Hiroshi “Mickey” Makitani on stage at the Mobile World Congress in Barcelona. The new coin was described as a “borderless” currency, as the online media reports, but there was no launch date given for the service.
The news about the launch of the Rakuten coin come amid the cryptocurrency craze that sees people and companies investing in digital currencies. Crypto is used to attract investors, for international transactions, but also for speculation as regulators don`t know how to approach the issue.
Rakuten is a leading e-commerce company that has shown interest in cryptocurrency so it is interesting to watch how this move will affect their business and the market. Another interesting aspect is the speculations around Amazon`s response. Some people are speculating that the company can get more involved with cryptocurrencies, as Tech Crunch explains.
It remains to be seen what would be the role of Rakuten coin and whether there would be an Amazon coin one day. But for now, this is only in the area of speculation.