RATE Group | Japan’s tech firms double down on cryptocurrency industry
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Japan’s tech firms double down on cryptocurrency industry

31 Aug Japan’s tech firms double down on cryptocurrency industry

Posted at 15:47h in Cryptocurrency News by

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TOKYO — The fall in the value of Bitcoin and other cryptocurrencies, and Japan’s crackdown on the industry in the wake of a hacking scandal in January, have not deterred some of Japan’s biggest technology companies from doubling down on the industry.

Japanese internet services company Rakuten said on Friday it is acquiring everybody’s bitcoin Inc., a local cryptocurrency exchange, for 265 million yen ($2.4 million), seeking synergies with its e-commerce site as well as its fintech services.

On the same day, online chat service provider Line announced its first original cryptocurrency, LINK, which will be launched in the company’s cryptocurrency exchange Bitbox.

Rakuten’s credit card subsidiary Rakuten Card will buy 100% of the stock of Tokyo-based everybody’s bitcoin from its parent company, Traders Investment. The deal is expected to close on Oct. 1.

Rakuten, Japan’s e-commerce giant as well as operator of more than 70 fintech services including an online travel agency, securities…

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