Rakuten Inc. just announced their intention to terminate “All Bitcoins Inc.” and launch their own “Rakuten Wallet” on March 30. Businesses launching crypto wallets is nothing new, following companies like Line, KIK and KakaoTalk. The news comes after Rakuten completed their filings as a virtual currency exchange company (VCEX.)


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The company stated:


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.


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Rakuten will be filing another VCEX application for Rakuten Wallet in September 2019.


Rakuten Inc. (4755: JP) holds a market capitalization about one-tenth the size of GM’s profits, number ten on the Fortune 100 list.


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WHAT DOES RAKUTEN DO?


Earning cashback on purchases can make large purchases a little more enticing if you pair it with decent discounts. Rakuten aggregates discounts and helps customers receive cash back on their online purchases.


Their offerings have struck a not-so-nice chord with the JFTC among Amazon Japan and Yahoo Japan.


They have begun making one-sided alterations to contracts with sellers, essentially forcing them into disadvantaged loyalty programs. Something that wouldn’t usually be an issue because the price difference would fall on them, but they aren’t footing the bill.


Source: www.ccn.com/