In a quite unusual twist, Japanese electronic e-commerce and Internet company, Rakuten, has announced it has decided to acquire everybody’s bitcoin Inc., a cryptocurrency exchange service which started in March 2017. While it is not entirely new for businesses to embrace cryptocurrency, basically as a payment method, Rakuten Group’s approach to buy an exchange shows its interest in taking over that arm of its business.
Providing the rationale behind its decision, Rakuten, which has already been offering financial services such as credit cards, banking, securities, insurance, and electronic money, states in its announcement:
“We expect that the role of cryptocurrency-based payments in e-commerce, offline retail and in P2P payments will grow in the future. In order to provide cryptocurrency payment methods smoothly, we believe it is necessary for us to provide a cryptocurrency exchange function, and have been considering entry into the cryptocurrency exchange industry as the Rakuten Group.”
The company adds that it seeks to realize the early registration as a cryptocurrency exchange and develop cryptocurrency services to customers “by combining the know-how of everybody’s bitcoin as a cryptocurrency exchange, and the know-how of Rakuten Group as a provider of various financial services.” With this acquisition, everybody’s bitcoin, which aims to register officially as a cryptocurrency exchange, can now promote its cryptocurrency business and expand its business using the Rakuten Group’s extensive reach to maximize synergies.
Japan and South Korea account for the biggest shares of crypto asset markets in the world. Aside that half of Bitcoin transactions worldwide are carried out in Japan, the country approved transactions in cryptocurrencies by exchanges in September 2017.