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Rakuten's Crypto Exchange can be a driver of wider crypto adoption


Rakuten, the e-commerce giant widely regarded as Japan's response to Amazon, has begun accepting account requests for future cryptocransnis exchanges called Rakuten Wallet. Pre-registration is only available to customers with Rakuten Bank, and the company's notice does not specify when or if the service will be available to others. Rakuten previously said its exchange will open for businesses in June 2019, and will combine mobile application for trade and cryptocurrencies.

Rakuten, with revenues of about $ 9 billion in 2018, is actually tiny compared to Amazon, with revenues of $ 2018 billion of $ 233 billion. But Rakuten's decision to support cryptocurrency can significantly accelerate adoption at the consumer level. Although the company operates worldwide, its Japanese home base is a major force in Crispo, where Yen trading accounts for more than half of the bitcoin purchases during certain periods. Japan was home to the first major (though not polluted) encryption exchange, Mt. Goo, the creator of the bitcoin adopted the Japanese secret name Satoshi Nakamoto, although they are not considered Japanese. Japan is also credited with some of the most advanced regulations around the cryptocurrency, and Rakuten Wallet will operate with the approval of the Japanese financial authorities.

Rakuten is a diversified company, but its focus on e-commerce is the major driver of its crypto support. Some of the company's branches have been experimenting with receiving bitcoin payments since at least 2015. In a statement from August 2018 (quoted by CoinDesk), Rakuten said that "the role of cryptocurrency-based payments in e-commerce and offline retailers in p2p payments will increase in the future."

It would sit down with some explicit goals of the bitcoin creator. Credit cards, without a doubt, the most common means of payment currently used in e-commerce, suffer the risk of recurring charges, where customers require refunds through their bank or credit card provider. This introduces the risk of bitcoin scam creator Satoshi Nakamoto even quoted these "reversals" as a problem with existing online payments in White White bitcoin. Credit card networks also charge high fees to retailers, sometimes a three-percent coating – high enough to severely affect the profit margins of the markets.

Although it remains to be seen whether the cryptocurrency can provide less costly online payments over time, the chances have long been held as a motive for crypto adoption by traders. This can allow them discounts for buyers who pay crypto, creating a clear motive for adoption by average users. Activating its exchange, among other things, gives Rakuten an opportunity to make it easier for non-experts to buy and manage cryptocurrency, potentially increasing its benefits to these benefits.

In addition, of course, Rakotin is probably motivated by the fact that the exchanges themselves can make a lot of money even in the short term, especially if the Krypton market warms up again – experts and experts already believe it is already happening.

As Cointelegraph points out, Rakuten is not only the mainstream Japanese tech company entering the crypto trading space. Yahoo! Japan (a separate Yahoo subsidiary acquired by Verizon in 2017) also holds 40 percent of the upcoming encryption exchange named TaoTao.

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