Japan’s E-Commerce Giant Rakuten Issues Update Regarding Crypto Business
In an update issued regarding its corporate restructuring process, Rakuten, a Japanese e-commerce firm, announced that it is establishing a new subsidiary for payments including its cryptocurrency business.
As revealed last August, Rakuten, informally known as the ‘Japan’s Amazon,’ intends to reorganize its various subsidiaries to enhance accountability and decision making.
The company is now saying that it is re-branding Spotlight Inc. its loyalty subsidiaries into a new company, Rakuten Payment, which will also operate cryptocurrency exchange. Rakuten Payment, in a restructured form, is expected to go live by April 1.
Officials issued the following statement:
“[W]e have been preparing the Group Reorganization through a company split, to clarify accountability, improve management efficiencies and optimize allocation of resources, and thereby further grow and expand the Rakuten Ecosystem and maximize corporate value.”
Once launched, the firm will operate two businesses: cryptocurrency exchange dubbed Everybody’s Bitcoin, which Rakuten bought last August, and Rakuten Edy, a Prepaid card service.
For several years Rakuten has been interested in cryptosphere, and in 2015, it first opted to accept Bitcoin (BTC). The approach is almost similar to that of other leading Japanese internet companies like SBI Group which continues to pour funds into related start-ups in addition to its own exchange.