Trading platform Rakuten buys Everybody’s Bitcoin crypto currency exchange

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Trading platform Rakuten buys Everybody’s Bitcoin crypto currency exchange

Japanese ecommerce platform Rakuten on 31 August announced its intention to acquire cryptocurrency exchange Everybody’s Bitcoin for 265 million yen ($2.4 million). The transaction will be settled by October 1, through its subsidiary online platform called Rakuten Card, which will buy shares of Investment Traders.

By the end of 2017 fiscal year, which ended March 30, Everybody’s Bitcoin exchange reported loss of $444 200.

Rakuten argued that it is considering entering the cryptocurrency sphere of exchange business, because they see the future growth of p2p payments in online trading and conventional business. The company also stated that they intend to meet the requirements of customers of his “daughter” who wish to exchange foreign currency and would like to take cryptocurrency exchange service.

Previously, the financial services Agency of Japan (FSA) on the inspection results ordered Everybody’s Bitcoin to improve the business. In addition to measures for combating money laundering and terrorist financing, the FSA demanded improvements in reporting and management. Buyer says he will help the exchange to meet the requirements of the regulator and to obtain an official license.

This year, online shopping platform Rakuten also announced plans to launch its own cryptocurrency in the framework of the loyalty program on the blockchain. In 2016, the company acquired the assets of the payment processor BitNet, and also launched its blockchain— the lab.

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