Rakuten, the Japanese rival of Amazon is planning to launch its own cryptocurrency which will be named Rakuten Coin. This new crypto-coin will be utilized as an integral part of Rakuten’s loyalty program.
Let us examine all the details related to launch of Rakuten Coin in the next few sections.
Launch of Rakuten Coin
The details of Rakuten Coin were unveiled during Mobile World Congress held in Barcelona by Hiroshi Mikitani, CEO of Rakuten.
However, no date has been fixed yet for the launch of this new cryptocurrency. The main aim behind launching this new cryptocurrency is to help Rakuten develop international customer base it has.
Utilization of Rakuten Coin
@hmikitani_e presented new offerings this morning in #MWC18 keynote. @Viber community : a new chat space for 1Billion people !! & RakutenCOIN to empower people get the best from Cryptocurrency and Rakuten Super Points !! A signature moment !! @RakutenToday @aquafadas pic.twitter.com/Wa4PjO5cln
— Olivier Alluis (@OlivierAlluis) February 27, 2018
After this new cryptocurrency is launched, the company is planning to make it available for use in all of Rakuten’s business which apart from global marketplace also include its on-demand video portal, their travel company, Ebates (which they acquired for one billion dollar in 2014) and the mobile messaging service known as Viber.
A “Borderless” Currency
Rakuten wants to advertise Rakuten Coin as a borderless currency which will be capable of driving more international transactions.
This would be possible since transactions in cryptocurrencies will help in removing exchange rate fees as well as other issues that are faced when transactions are done in fiat currencies.