Rakuten Launches Cryptocurrency Exchange for Customers

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Rakuten has begun accepting applications for accounts for its anticipated cryptocurrency exchange called “Rakuten Wallet.” The company announced that pre-registration is available for customers with Rakuten Bank, but further details as to whether the service will be available for everyone has not yet been revealed.

The company previously stated that the crypto exchange will commence business in June 2019 and it will come with a mobile app that allows trading of crypto assets.

New Crypto Exchange for Customers

Rakuten had a revenue of $9 billion in 2018, and the decision to support cryptocurrency is seen as a way of accelerating adoption at the consumer level.

Although the company has operations worldwide, its base in Japan is a significant force in the crypto industry, with trading in Yen contributing to over half of the total Bitcoin purchases. Japan is the home of the first ever cryptocurrency exchange, Mt. Gox, and the creator of Bitcoin adopted a Japanese alias, Satoshi Nakamoto. The country is credited for its advanced cryptocurrency regulations, and the Rakuten Wallet will receive clearance from the Japanese Financial Services Authority.

Although Rakuten is a diverse company, its focus on e-commerce will be vital in supporting cryptocurrency. Since 2015, some of Rakuten’s branches have been experimenting with Bitcoin payments. According to Rakuten, the role of crypto payments in offline retail, e-commerce, and in p2p payments is expected to grow in the future.

Benefits to Customers

The use of crypto payments is expected to eliminate the risk of chargebacks that customers have to encounter when they use credit cards, the conventional payment method in e-commerce.

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With crypto payments, customers will not have to worry about asking for refunds from credit card providers or banks. Equally cryptocurrency payments are cheaper because there are no fees incurred, which may impact on profit margins of the merchant.

Rakuten indicated that in order for the company to efficiently offer crypto payment, there is a need to have a cryptocurrency exchange function.

Who is Satoshi Nakamoto

According to a Bloomberg report, notorious crypto enthusiast and antivirus software maker, John McAfee, claims to have spoken with Bitcoin creator Satoshi Nakamoto. Further, he says he will reveal this person’s identity.

John McAfee Claims to Know Satoshi Nakamoto

When this reveal will be, however, remains unclear, despite McAfee initially telling Bloomberg he would expose Nakamoto “within a week.” McAfee said yesterday that the controversy his announcement would bring could damage his efforts to fight extradition to the US. Saying in a Twitter post:

“Releasing the identity of Satoshi at this time could influence the trial and risk my extradition […] I cannot risk that. I’ll wait.”

But in speaking to Bloomberg, McAfee said the following:

“I’ve spoken with him, and he is not a happy camper about my attempt to out him.”

However, it remains skeptical whether his claim is true—so many others have attempted to track down the Bitcoin pioneer and failed.

Satoshi Nakamoto

Satoshi Nakamoto is the pseudonym given to the person or people who created Bitcoin and spawned an entire currency. There have been multiple theories as to who the creator of the digital coin is, with each one causing hot debate. No one who has come forward with a suggestion has ever been able to prove it and theories are often quickly discredited. The mystery has gone so far as to suggest Tesla CEO Elon Musk is Satoshi Nakamoto—something he himself quickly denied.

Other claimants include Bitcoin SV founder Craig Wright and Ethereum co-founder Vitalik Buterin.

All we know is if McAfee’s claim is true, then Nakamoto is a man living in the US. Digitpol the global investigation firm is investigating the facts together with a legal firm. 

 

Are you excited by the news?

Featured image: DepositPhotos @ dimarik

 

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