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Japanese E-commerce Giant Rakuten Wins License For Its Cryptocurrency Wallet

April 24, 2019

Rakuten, a Japanese e-commerce giant and one of the main rivals of Amazon, has started accepting registrations for its platform, Rakuten Wallet. As of this month, users can open new accounts for a new service.

“Rakuten Wallet will support sound development of the industry, and provide a safe and trustworthy user experience by further strengthening its security and service offerings,” said the company in a statement.

Formerly known as Everybody’s Bitcoin, Rakuten Group purchased the wallet last year for $2.4 million and renamed it Rakuten Wallet, aiming to start offering services in the virtual currency exchange business. A month ago, Rakuten Wallet completed its registration with the Kanto Local Finance Bureau, getting a license to operate as a virtual currency exchange service provider.

Registered in Tokyo, Rakuten Wallet has raised a capital of 1.38 million yen. In the meantime, the company completed the management restructuring process.

“In response to a business improvement order issued by the Kanto Local Finance Bureau on April 25, 2018, the company has officially restructured its management system, including formulating a business improvement plan and strengthening its business management and internal control systems, and could register as a virtual currency exchange services provider,” company says.

In the first phase, only existing users who already have an account with Rakuten Bank or a Rakuten member ID can register in the Rakuten Wallet. A mobile app will soon be launched to support users and allow them to trade cryptocurrencies, make deposits and withdrawals.

Rakuten has been working consistently in the cryptocurrency and blockchain spheres over the years. Back in 2015, Rakuten announced it started accepting bitcoins in the United States.

“Not only can bitcoin support this vision by helping our merchants to compete globally, but it also has the potential to benefit society by enhancing the security, privacy, and convenience of financial transactions,” said Yaz Iida, the president of Rakuten USA.

About Crypterium

Crypterium is one of the most promising fintech companies, according to KPMG and H2Ventures. We are building a mobile app that meets the banking needs of the digital assets era.

Our goal is clear: with Crypterium, whatever you can do with traditional money you will able to do with digital assets. This idea is supported, among others, by the co-founder of TechCrunch Keith Teare and over 400,000 registered users, and the number is growing by day.

The team is led by former General Manager of Visa Central & Eastern Europe Steven Parker, and C-level executives from global financial institutions, like Renaissance Insurance, London Derivatives Exchange, American Express etc.

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