Japanese-Based E-Commerce Giant Rakuten Will Launch its New Blockchain-Based Cryptocurrency

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Rakuten, a Japanese e-commerce company,  will launch their new cryptocurrency called “Rakuten Coin”. 

The main reason Rakuten is launching its new cryptocurrency is because it wants to expands its international customer base. The company will transform its 9B loyalty program into a cryptocurrency with the blockchain technology.

According to Tech Crunch, it’s not clear at this time when the cryptocurrency will be launched. Although, e-commerce giant plans to make Rakuten Coin available for use for all of its businesses. This included their global marketplace, a travel company, an on-demand video service and mobile messaging service Viber and other small businesses.

The company also wants to use its cryptocurrency to bring more international customers by positioning it as an international payment method that could mitigate exchange rate fees.

Rakuten is involved in cryptocurrency since 2015, when it accepted Bitcoin as a means of payment through payment processor Bitnet. The e-commerce giant has also created a Blockchain lab in 2016 and now it is going to launch its new cryptocurrency.

According to Tech Crunch, the idea is to mobilize the interest around cryptocurrencies in a bid to attract new customers to its loyalty program, which has awarded more than $9 billion worth of points since it first debuted in 2003.

 

 

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