RATE Group | Rakuten Is About to Buy a Bitcoin Exchange for $2.4 Million
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Rakuten Is About to Buy a Bitcoin Exchange for $2.4 Million

31 Aug Rakuten Is About to Buy a Bitcoin Exchange for $2.4 Million

Posted at 13:40h in Bitcoin News by

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Japanese e-commerce giant Rakuten is planning another step into the cryptocurrency industry with the acquisition of a local bitcoin exchange.

The company said in an announcement that it has inked a share transfer agreement for 100 percent of an exchange called Everybody’s Bitcoin on Friday. The acquisition appears to be costing the firm 265 million yen, or $2.4 million, when it goes through on Oct. 1.

Explaining the move, Rakuten said it believes “the role of cryptocurrency-based payments in e-commerce, offline retail and in P2P payments will grow in the future,” adding:

“In order to provide cryptocurrency payment methods smoothly, we believe it is necessary for us to provide a cryptocurrency exchange function.”

Further, the firm indicated that the acquisition is in response to demands from a growing number of foreign exchange customers on its securities business arm, who have been calling for the offering of a cryptocurrency exchange service.

Launched in March 2017,…

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