Last month, Rakuten was awarded a license for its cryptocurrency exchange from the Japanese Financial Service Agency. Wherein the exchange is registered with the Kanto Local Financial Bureau as a virtual currency exchange service provider under the country’s Payment Service Act.
Previously known as Everybody’s Bitcoin, the now Rakuten Wallet was acquired by Rakuten for $2.4 million in last August. On March 1, a rebranding of the entity to Rakuten Wallet was done at which time the older service was closed.
Rakuten stated last August that it believes
“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.”
Rakuten’s e-commerce site started accepting bitcoin payments in 2015 when it integrated its U.S. website with bitcoin payment processor Bitnet.