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Could Rakuten Drive Amazon to Adopt Cryptos?

bitcoin

One of the things that has stopped Bitcoin from getting back to its bullish ways in 2017 is adoption. There are many factors why retailers still haven’t adopted cryptocurrencies. First, you have regulatory concerns for many retailers. Next, you also have to deal with the fact that cryptocurrencies are highly volatile in nature. It means that it could easily lose its value the next day.

In fact, Bitcoin after reaching its all-time high of near $20K lost more than 80% of its value in the next 12 months. However, there is no denying that Bitcoin seems to be getting back. Many believe that Amazon could potentially make it possible to have another bull run.

Amazon in 2018 was able to generate $232 billion in net sales. It is the largest and most popular online store in the US. There have been rumors that Amazon would finally adopt cryptos but these rumors never really materialized.

Rakuten has begun processing of applications for Rakuten Wallet, which is a crypto wallet platform. Rakuten is the equivalent of Amazon in Japan. The company announced that it is now offering trading services on the Rakuten Wallet. However, the applications are open only for specific users and not yet for the general public.

How to Be Eligible?

In order to become eligible, those who are members of Rakuten bank are the only ones that can register and have a crypto wallet. It only takes a web application to have your own. However, if you are a non-member, you will have to undergo an additional authentication process.

Expected from Rakuten?

Rakuten has been expanding its reach worldwide. And also, it is no secret how Rakuten is exploring the world of cryptocurrencies. Rakuten Wallet, formerly known as Everybody’s Bitcoin was bought by Rakuten for $2.4 million last year. However, the history of Rakuten accepting Bitcoin started in 2015. During this time, it was using Bitnet to process Bitcoin payments.

According to the statement released by Rakuten when it acquired Everybody’s Bitcoin, “Rakuten Wallet will contribute to the sound growth of the market as a virtual currency exchange company and will further enhance security and provide enhanced services so that more customers can use it safely and with confidence”

Rakuten’s crypto platform is about to launch by June 2019. Though it is still not as large as Amazon, this could potentially pressure Amazon towards accepting cryptocurrencies in the future.

According to the Payment Services Act, Rakuten was able to acquire a license to operate a crypto exchange last March. And also, Rakuten Wallet is expected to be registered via the Financial Services Agency (FSA) via the Kanto Financial Bureau.

Japanese Companies Moving into Crypto?

Japan has been known for companies that have adopted cryptocurrencies. Yahoo! Japan, which is a separate entity entirely from Yahoo!, now invested in a crypto exchange. In fact, Yahoo! Japan owns 40% of TaoTao, a crypto exchange that is going to open next month.

If you are going to ask Changpeng Zhao who is the CEO of Binance, he mentioned that all businesses one day will be accepting cryptocurrencies.

Return of Bulls?

Bitcoin has been up lately. In fact, Bitcoin is looking to make another push towards $5,300. Could it be a possibility that Bitcoin is going to skyrocket again? Should you be getting your Bitcoin now?

 

Lee Jenkins

Lee is our resident cryptocurrency expert who knows the ins and outs of each coin and the blockchain technology behind them. You’ll find that most of our technical guides are written or overseen by Lee and they are all easily digestible by the new and experienced alike, so there is no better place to learn blockchain 101 than here. Occasionally you may see a news article from him if it’s tech related!

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