Rakuten To Acquire Japan’s Crypto Exchange
August 31, 2018
Japan-based company into e-commerce Rakuten has declared to settle a contract on acquisition of the local crypto exchange Everybody’s Bitcoin for $2.4 million.
Rakuten is one of the industry’s leaders with market cap of $12.5 billion. The deal is to be finished by October 1 with the parties being Rakuten branch Rakuten Card Co. Ltd and Traders Investment, parent company to Everybody’s Bitcoin.
As Rakuten says, the company considers acquiring a share in any crypto exchange as “the role of cryptocurrency-based payments in e-commerce, offline retail and in P2P payments will grow in the future”.
The company added that one of the reasons for the deal was increased customer demand who asked for a crypto exchange service.
Note that the Everybody’s Bitcoin exchange was subject to inspection by the FSA 4 months ago. The regulator found some faults and ordered to make a plan to control money laundering and terrorism financing as well as eliminate system risks and improve business and settlement methods.