Japanese e-commerce giant Rakuten announces independent development and issuance of cryptocurrency

Japanese e-commerce platform Rakuten will switch its points platform to a blockchain system and launch a cryptocurrency developed by the company itself.

Rakuten to issue cryptocurrency

Rakuten CEO Hiroshi Mikitani made the announcement at the Mobile World Congress in Barcelona, ​​where he also revealed the token will be called Rakuten Coin.

Rakuten Coin will replace the company's current "Super Points" program, which is considered the most robust loyalty points program in the e-commerce industry and has earned nearly $9.1 billion in customer spending over its 15 years of operation.

Mikitani did not announce the launch date of Rakuten Coin, but he revealed that the token will be applicable to all its subsidiaries, including Ebates, PriceMinister and Viber. It is not clear whether Rakuten Coin will run on the company's own blockchain or will choose other blockchains through the application of smart contracts - such as ETH, NEM, NEO, etc.

Currency without borders

Rakuten believes that building a "borderless" currency can help the company reduce transaction and currency conversion costs compared to traditional financial payments. This will help it promote business exchanges between subsidiaries.

Mikitani said:

The basic philosophy we follow is to reinvent the network of retailers and merchants. We don't like to cut them off from their customers, but rather act as a catalyst. That's our philosophy - how to empower society, not just provide more convenience.

Rakuten acquired Bitcoin payment processing company Bitnet in 2016 and began operating a blockchain lab. This new project may be the result of that acquisition. Rakuten had previously contacted Bitnet to accept Bitcoin payments, making it one of the early e-commerce platforms to accept cryptocurrencies.