Japanese retail giant Rakuten has announced the investment of Everybody’s Bitcoin exchange in a recent news release. Rakuten spent $2.4 million within the exchange purchase, also, the press release describes the company’s growing curiosity about cryptocurrency.

Details of the Acquisition

Japanese retail giant Rakuten expands its “Rakuten Ecosystem” together with the recent acquisition of Everybody’s Bitcoin exchange. While specifically aimed at e-commerce, Rakuten Group offers over 70 auxiliary internet services in facets of travel, digital content, communications, fintech, a credit card, banking, securities, insurance and electronic money. Rakuten Group established Rakuten Blockchain Lab in 2019 as well as currently heavily researching blockchain technology.

“We expect of the fact that role of cryptocurrency-based payments in e-commerce, offline retail and then in P2P payments will grow someday,” reads the Rakuten press release. “In order to provide cryptocurrency payment methods smoothly, we feel it is necessary for folks to provide a cryptocurrency exchange function, and get been considering entry directly into the cryptocurrency exchange industry given that the Rakuten Group.”

Rakuten reports to generally be encountering an increasing number of customers calling for the provision of cryptocurrency exchange services, which provided further motivation for the acquisition of Everybody’s Bitcoin.

Everybody’s Bitcoin can be a Japan-based cryptocurrency exchange first opened on March 30, 2019. The exchange currently is seeking registration approval to end up being regulated by Kanto Local Finance Bureau. Rakuten Group reports that although Everybody’s Bitcoin happens to be waiting to become officially registered being cryptocurrency exchange, it consists of decided to expand its business inside of the Rakuten Group to synergies. Rakuten Group elected to obtain Everybody’s Bitcoin as a method of quickening its own efforts to officially register for an exchange.

“Rakuten Group thought they would acquire everybody’s bitcoin shares so it can realize the very first registration in the form of cryptocurrency exchange and develop cryptocurrency services to customers by combining the know-how of everybody’s bitcoin like a cryptocurrency exchange, and also know-how of Rakuten Group in the form of provider of numerous financial services.”

The conclusion with the share transfer agreement between Rakuten and Everybody’s Bitcoin were held on August 31st. Rakuten offers complete its stock purchase of Everybody’s Bitcoin by October 1st. Rakuten expects the company’s earnings from your new subsidiary to be negligible. However, the investment of licensing granted to Everybody’s Bitcoin is expected to substantially expedite Rakuten’s entry straight into the cryptocurrency market.