Rakuten, a Japanese e-commerce giant completes its registration for its cryptocurrency exchange Rakuten Wallet that is scheduled to go live next month, as confirmed by the company in a press release on March 25.
Several major Japanese tech players have ventured into the cryptocurrency exchange market and Rakuten acquired an exchange formally known as Everybody’s Bitcoin in August last year for a staggering sum of 265 million yen (at the time $2.4 million). Notably, Rakuten renamed its product earlier this month.
As per the press release, Rakuten has had made changes to its structure during a consolidation period and Everybody’s Bitcoin in its current guise will cease operations at the end of March. The company stated in:
“Rakuten Wallet will contribute to the sound growth of the market as a virtual currency exchange company, and will further enhance security and provide enhanced services so that more customers can use it safely and with confidence.”
Last April, Everybody’s Bitcoin received a business improvement order as part of investigations that initiated after the half-billion-dollar hack of fellow Japanese platform Coincheck three months earlier. Based on reviews of security and data handling the said business improvement orders was received by Multiple exchanges across the nation.
Coincheck itself had secured $33 million buyouts from online broker Monex Group in April. TaoTao, the cryptocurrency exchange which is 40 percent owned by a local subsidiary of Yahoo! Japan also announced that will begin operations in May.
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