Japanese E-Commerce Major Rakuten to Acquire Local Crypto Exchange Everyone 's Bitcoin

Rakuten says it has been “considering entry to the cryptocurrency market business ” as it believes”the function of cryptocurrency-based payments in e-commerce, offline retail and in P2P payments will expand in the future.”
The agreement was unveiled just four months following local governments issued a business improvement order against Everyone ’s Bitcoin after within an on-site inspection by Japan’s Financial Services Agency (FSA).

It’s based on a stock purchase agreement between the latter and Everyone &rsquo.

Today&rsquo announcement suggests that Everybody’s Bitcoin reported a net loss of about $444,200 from the financial year ending March 30, 2018.

The firm has said that the purchase comes in reaction in particular exchange customers of its own securities subsidiary, who have been calling for the provision of a cryptocurrency trade service.

Japanese e-commerce giant Rakuten, with a market capitalization of over $12.5 billion, has revealed a 265 million yen ($2.4 million) deal to obtain domestic crypto exchange Everyone ’s Bitcoin, in an announcement printed August 31.
Rakuten announced plans to establish its cryptocurrency as part of a new loyalty program that was blockchain-based. As early as 2016, the company had acquired the intellectual property assets of Bitcoin payment processor BitNet, in addition to opening its Rakuten Blockchain Lab to explore software for blockchain from fintech along with e-commerce.
The inspection had reportedly revealed deficiencies at the exchange’s direction control systems, and arranged the trade to implement an action plan to control money laundering and funding of terrorism and to commit to a range of other strategy danger, company and publication management developments. Rakuten claims the purchase will help the market for getting an operating license, to fulfill the requirements of the regulator.