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Rakuten (E-Commerce) prepares crypto exchange for launch in April

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According to a press release dated March 25, Rakuten (e-commerce firm) has successfully finished registering its crypto exchange ‘Rakuten Wallet’ which is set for launch in the month of April. Previously named ‘Everybody’s Bitcoin’ Rakuten follows a  number of major tech players in Japan. Reports suggest that the firm had registered the exchange under the previous name (Everybody’s Bitcoin) in the month of August (2018) for a value of 265 million yen.

Moving out of its consolidation period, Rakuten made significant changes to its structure. According to company executives, Everybody’s Bitcoin in its present form will commence operations by the end of this month. According to a statement on the press release, “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.”

Previously (April 2018), Everybody’s Bitcoin got an order for business improvement from Japanese finance regulators as a part of the inspection which was under operation after the half-billion-dollar hack of Coincheck (Japanese crypto platform) three months back. A lot of cryptocurrency exchanges received orders like this primarily based on security and data handling reviews.

As per previous reports, Coincheck on its own secured a buyout from Monex Group (Online broker) which essentially paid a sum of $33 million for the platform in April. However, according to the news this week Tao Tao cryptocurrency exchange, whose ownership of about 40 percent is with local Yahoo subsidiary in Japan would begin enterprise in the month of May. Reports also show that Yahoo Japan has acquired equity in the exchange, earlier named BitARG, through YJFX previously in the month of March (2018) for $2 billion yen.

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