Rakuten has shown a keen interest in Bitcoin and other cryptocurrencies for some time now. Most of this interest has not amounted to any notable changes. That is coming to change, as Rakuten has acquired Bitcoin exchange Everybody’s Bitcoin Inc. A stock purchase agreement has been reached through the Rakuten Card Co subsidiary. An interesting turn of events for all parties involved.
The cryptocurrency industry continues to fire on all cylinders. Despite regulatory concerns, it seems major technology firms continue to pay attention to Bitcoin. Rakuten is no exception in this regard, albeit that is no real surprise whatsoever. The firm has been involved in blockchain technology for many years now. The leap to Bitcoin and other cryptocurrencies is not as big as one as one would assume.
The purpose of acquiring Everybody’s Bitcoin Inc remains a bit unclear. Exploring new payment rails and revenue streams appears to be a logical priority. However, it seems the exchange will continue to operate as it always has. At this point in time, Everybody’s Bitcoin inc still awaits regulatory approval by the Japanese government. Assuming the license will be granted, a new Bitcoin trading competitor will emerge fairly soon.
As part of this acquisition, Rakuten Group purchased the company’s shares to realize the proper launch of this cryptocurrency exchange. Additionally, new services and products will be explored, albeit specifics remain a bit unclear at this time. Everybody’s Bitcoin Inc has been in operation since March of 2017, making them one of the youngest platforms in the cryptocurrency industry. That also makes the acquisition by Rakuten Group all the more intriguing.
For the Bitcoin industry, this is a positive development. More attention on cryptocurrency will lead to broader adoption. Additionally, the involvement of respected entities such as Rakuten Group brings more legitimacy to this industry. Whether or not it can get more people excited about buying or selling Bitcoin, is very difficult to predict.