Rakuten, the Japanese e-commerce giant has signed a 265 million Yen deal to acquire Everybody’s Bitcoin, a domestic crypto exchange, as per the latest bitcoin news. Rakuten revealed this news in an announcement on August 31.
This deal has been made via Rakuten Card Co. Ltd, Rakuten’s subsidiary. The deal is likely to be settled by October 1. The deal is based on a stock purchase agreement made between Rakuten Card Co. Ltd and Traders Investment, the parent company of Everybody’s Bitcoin.
The announcement of this new deal pertaining to the acquisition indicated that Everybody’s Bitcoin suffered a loss of around $444,200 on March 30, 2018. Rakuten added that it had been contemplating entry into the crypto industry, as it believes that the role of cryptocurrency based payments in offline retail, P2P payments, and e-commerce is likely to grow in the future.
As per the latest bitcoin news, Rakuten’s acquisition is backed by the growing demand from a number of its customers, particularly foreign exchange customers pertaining to its securities subsidiary. These customers have been demanding for the provision of a cryptocurrency exchange service.
Rakuten unveiled this acquisition deal just four months after a business improvement order was issued by Japan’s Financial Services Agency (FSA) against Everybody’s Bitcoin. The business improvement order was issued after an on-site inspection carried out by the FSA. Rakuten added that Everybody’s Bitcoin is working towards implementing the improvements and that it has plans of registering officially with the FSA, as stated in the CCN report.
After the infamous $530 million theft from the Coincheck exchange in January, the FSA increased its scrutiny into the sector. The Coincheck exchange was also acquired by Monex, a Japanese online brokerage firm, in a 3.6 billion Yen deal, within three months of the theft.
According to the latest Bitcoin news doing the rounds, Rakuten has plans of launching its own cryptocurrency as part of a new blockchain-based loyalty program. The company had acquired the intellectual property assets of BitNet, Bitcoin payment processor, as mentioned in the Cointelegraph report. The company also has plans of opening the Rakuten Blockchain lab to be able to explore blockchain applications in fintech and e-commerce.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]