Rakuten, Dubbed Japanese Amazon, Will Soon Start Accepting Bitcoin (BTC) and Other Cryptos

An e-commerce giant – Rakuten – who has been dubbed as the Japanese Amazon, is set to explore the crypto space and integrate Bitcoin (BTC) and other digital currencies into its platform in the near future. According to a report released on the 12th of February, the firm announced a major update for its mobile application platform – Rakuten Pay.

The mobile app is set to be launched in a month time and it might come integrated with digital currency payments in addition with fiat. According to the announcement, the new version of the application will come with all the payment solutions embedded into one platform. This has left many to wonder if it’s an indirect course of announcing support for Bitcoin (BTC) and other top digital currencies in the market.

Rakuten Is More Open to Digital Assets Compared to Amazon

While its counterpart in the U.S. – Amazon – hasn’t said anything regarding the integration of digital currencies, Rakuten has been more versatile to the idea of digital assets. Last month, the firm purportedly shifted its corporate structure to make its digital currency trading platform, Everybody’s Bitcoin, into a new payment subsidiary.

The digital currency trading platform was bought in August last year for $2.4 million. At that time, it was hailed as an initial stepping stone for digital currency payments on the online shopping platform. Rakuten’s structure, which was recently confirmed in a report, is further proof that the firm is getting ready to accept digital currencies for payment.

Furthermore, the report also talks about updates to the prepaid card service of the firm, Rakuten Edy, which includes QR code scanning implementation for payments. This is another clear sign that the implementation of digital currency is just around the corner. The report also proved bullish for digital currency investors that are curious about the effect of Rakuten when it starts accepting Bitcoin (BTC) as a means of payment.

As per the report, the net income of the firm increased by 28.4% last year, bringing its net worth to a total of $1.3 billion. Despite the fact that digital currencies have been trading sideways after experiencing some heavy declines in January, 2019 has already begun as a good year for the adoption of Bitcoin (BTC) and other top digital currencies.

With the U.S. SEC (Securities and Exchange Commission) looking all but set to give a green light to Bitcoin (BTC) exchange-traded funds at some point, the question of institutional investment into digital currency is no longer “if” but “when.”

Bitcoin (BTC) Price Today – BTC / USD

Name Price24H (%)
Bitcoin (BTC)
$11,341.00
3.95%

With the increase in the adoption of digital currencies via e-commerce platform such as Rakuten – assuming that the payment platform update of March does indeed include digital currency – the approach to growth that a lot of industry experts have been looking for seems to finally be coming into fruition. The value of digital currencies may continue to plunge as the bear market is yet to be over, but the adoption of bitcoin and digital currencies appears to be trending towards an all-time high.

According to a report by Ethereumworldnews last week, the Tron Foundation is collaborating with the ALS Association to enhance donation tracking via blockchain. In addition, xRapid – one of Ripple’s products that use XRP (XRP) directly for liquidity – saw investments from top financial players Barclays and MasterCard.

The digital currency space has still not recovered from the announcement of JP Morgan’s digital currency-JPM Coin – which appears to be a U-turn from the message the CEO of the bank was pushing about a year ago.

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