Japanese Tech Giant, Rakuten Acquires Cryptocurrency Exchange for $2.4 Million

Tokyo-based Rakuten recently acquired the coin exchange Everybody’s Bitcoin Inc.
The deal is supposed to be finalized by October 1, 2018, as Rakuten acquired 100% of the organization’s shares for 265 million yen ($2.4 million). Rakuten runs one of the world’s biggest e-commerce platforms, Japan’s biggest internet bank and the nation’s third-largest credit card organization by transaction value.
As per the organization’s announcement,
“Rakuten Group decided to acquire Everybody’s Bitcoin shares so that it can 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.”
“We expect 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 payments methods smoothly, we believe it is necessary for us to provide a cryptocurrency exchange function.”
Everyone’s Bitcoin was launched in December 2016. The Tokyo-based exchange is unlicensed and was the subject of a security test by Japan’s Financial Services Agency (FSA) following the Coincheck hack in January. After the acquisition, Everybody’s Bitcoin will be rebranded under Rakuten.
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