Rakuten, a Japanese e-commerce and internet company, has agreed to acquire everybody’s bitcoin, a cryptocurrency exchange provider, from Traders Investment.
Based in Tokyo, everybody’s bitcoin began its cryptocurrency exchange service in March 2017. Currently, the company runs the business as a deemed cryptocurrency exchange and is waiting for approval of the official registration.
According to Rakuten, everybody’s bitcoin in order to promote its cryptocurrency business further has decided to grow it under the e-commerce giant to maximize synergies.
The acquisition of everybody’s bitcoin will be done through an all-stock deal worth JPY265m ($2.4m) between Rakuten’s subsidiary Rakuten Card and Traders Investment.
Rakuten said that it expects the role of cryptocurrency-based payments in e-commerce, offline retail and in P2P payments to grow in the future.
It said further that it has to provide a cryptocurrency exchange function to enable smooth transactions using cryptocurrency payment methods.
Rakuten added that an increasing number of its customers, especially foreign exchange customers of its securities company Rakuten Securities have been asking for the provision of a cryptocurrency exchange service.
The e-commerce company, in a statement, said: “Rakuten Group decided to acquire everybody’s bitcoin shares so that it can realize the early registration as a cryptocurrency exchange and develop cryptocurrency services to customers by combining the know-how of everybody’s bitcoin as a cryptocurrency exchange, and the know-how of Rakuten Group as a provider of various financial services.”
Earlier this year, Rakuten revealed its plans to introduce its own cryptocurrency dubbed Rakuten Coin, which will be based on blockchain technology and the company’s Rakuten Super Points loyalty program.
A couple of years back, Rakuten announced the opening of the Rakuten Blockchain Lab in Belfast, UK, which will be a dedicated research and development organization within the group.
The Rakuten Blockchain Lab will be focused on blockchain technology and its potential applications in the fintech and e-commerce areas.
Prior to that, Rakuten acquired the assets of Bitnet Technologies, operator of a digital payments platform powered by blockchain.