Rakuten’s Crypto Exchange Ready to Go Live Next Month

Japanese e-commerce giant Rakuten has completed the registration of Rakuten Wallet as cryptocurrency exchange.

Japanese e-commerce and online trading giant Rakuten announced on Monday that it had completed the registration of its cryptocurrency exchange Rakuten Wallet, formerly known as Everybody’s Bitcoin. According to the company’s press release, the restructured platform will go live next month.

“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 said.

Everybody’s Bitcoin was established last year and applied to Japan’s Financial Services Agency (FSA) for a cryptocurrency trading registration. Since then, the exchange has been operating as a deemed cryptocurrency exchange with pending approval of the official registration. Everybody’s Bitcoin had received a business improvement order from Japanese finance regulators last April as part of investigations which followed the half-billion-dollar hack of fellow Japanese platform Coincheck three months earlier.

Rakuten bought Everybody’s Bitcoin in August 2018 and renamed it earlier this month. The deal, worth JPY 265 million (around $2.4 million), came in response to the rising interest in crypto trading, mainly among the clients of Rakuten Securities, the company’s online securities and forex trading platform.

Following a consolidation period during which Rakuten made changes to its structure, executives have now confirmed that Everybody’s Bitcoin in its current guise will cease operations at the end of March and kick off the new service in April.

Rakuten has been interested in cryptocurrencies and the blockchain technology, having established Rakuten Blockchain Lab in 2016. Moreover, in July 2018, the company, which owns Viber messaging platform, revealed plans to launch its own digital coin in Russia.

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