Rakuten Announces Multi-sig Escrow Support and $30 Bitcoin Discount

By Kyle Torpey Mar 31, 2015 10:43 AM EDT

Rakuten, the largest online retailer in Japan, recently announced their intention to accept bitcoin as a means of payment. Well, the wait is over and shoppers can purchase goods on the US version of the Rakuten website via bitcoin starting today. This is the first step towards the e-commerce giant’s global rollout plan for bitcoin. In addition to announcing their acceptance of the digital currency, Rakuten has also claimed shoppers will get $30 off if they spend $100 or more when they pay with bitcoin over the next week.

Rakuten.com president comments on bitcoin

In addition to the official announcement related to Rakuten’s new bitcoin integration via payment processor Bitnet, Rakuten.com President Fumio Kobayashi stated, “Bitcoin turned the Internet into a secure, seamless global payment network. By integrating with Bitnet we are now offering consumers the industry standard in secure payments, and our merchants will benefit by receiving guaranteed payments.” He added that bitcoin can provide both consumers and merchants with “peace of mind” when using the Rakuten.com marketplace.

Multi-sig escrow services for high-value items

In a rather surprising move, Rakuten also announced multi-signature escrow support for certain high-value items on their marketplace. Shoppers may be cautious about the idea of purchasing an expensive item online without the protections that are normally provided by credit card companies, which seems to be why Rakuten decided to add multi-signature escrow support for certain products. The move makes Rakuten the largest company in the world to take advantage of the enhanced security offered to consumers via multi-signature transactions.

More promotions to come

A Rakuten spokesperson has claimed that the online retailer will be offering a $30 discount on bitcoin-powered purchases of $100 or more for the first week of April. The company has also noted, “These campaigns will continue throughout the course of the year to encourage adoption and repeat usage.” With the planned promotions and multi-signature support, it seems that Rakuten is on the digital currency train for the long haul.

Update: The title of this article previously stated Rakuten is offering a 30 percent discount on purchases made via bitcoin. That was likely misleading, and the title has been updated to present a more accurate summary of the news.

Featured image via priceminister.

You can follow @kyletorpey on Twitter.

  • Christopher Wilkerson

    You can learn more about bitcoing and other cryptocurrencies right here : https://www.cryptocoinsnews.com/30-ways-bitcoin-changes-future-money-forever/

  • Raimon PoVes

    Bitflyer app-wallet is giving bitcoins free to japanese users. Open a bitFlyer account and get ¥500 of Bitcoin! https://bitflyer.jp/gift/uyktciun Only need to verify your mobile number.

  • cohagen

    Yeah they over estimated btc by quite a bit. No merchant accepting btc payments has done well accept the guy who was sell actual fecal matter as a gag last year. He made a few thousand bucks. Google it if you think i’m joking. Just like wallstreet bet large on dot com and then boom. Looks they are going for the same with btc, pump it up and ka-blooey! Possible….

  • BitcoinESP.com

    That’s quite a big miss on the expected numbers! I was basing it on what I read a few months back, I guess spoke too soon! They seem quite keen on Bitcoin anyways, they may have to reflect on how to promote Bitcoin better. http://insidebitcoins.com/news/overstock-bitcoin-sales-disappointing-but-nobodys-complaining/27608

  • five
  • Scott

    Can’t wait for the Japanese site to accept bitcoin payments. I shop there frequently.

  • Neal Palmquist

    Every day is another April Fool’s Day for people who pay real money to buy Bitcoins.

  • Good point. Fixed the title. Thanks.

  • MorgUK

    Change title to $30 discount, not 30% as it’s misleading.

  • cohagen

    Curious…buying what?

  • cohagen

    They aren’t.

  • cohagen

    International retail giant Overstock.com is reporting that it expects to complete $3m in total bitcoin sales for 2014.

    The figures are notable given that the e-commerce company had issued a wide range of potential estimates for its first-year bitcoin sales over the course of the year. In March, CEO Patrick Byrne suggested Overstock was on pace to achieve $10m–$15m, or even $20m, in bitcoin sales.

    Such estimates were also below the $5m Byrne said Overstock originally anticipated, though on par with those suggested by Overstock chairman of the board Jonathan Johnson in interviews.

    Judd Bagley, director of communications and general manager of Overstock’s Cryptocurrencies Group, confirmed, however, that the company had expected a higher figure than $3m.

    Bagley told CoinDesk:

    “While we’re still very happy with sales to customers paying with bitcoin, the numbers didn’t meet our initial expectations.”

    The company reported that, in total, roughly 11,100 customers have so far paid with bitcoin at both its US and international websites.

    Awfully small numbers for a multibillion dollar company.

  • cohagen

    Toga! Toga! Toga! Sorry couldn’t resist. You walked right into that one.

  • Rain

    This got my attention. I’m buying.

  • Rain

    Bed sheets are a liberal hippy item?

  • cohagen

    Overstock has damn little bitcoin sales. A couple million total since inception, bed sheets, head phones the usual liberal hippy needed items. There’s an article on a btc blog saying the same damn thing I am. Weak sauce for a multinational company that does billions in fiat sales. Before all this few years back like about 2010(great recession era) battering was becoming a thing online with stores and companies till the IRS pissed on the parade with absurd tax regulations. Damn them! rakuten stuff listed is cheaper pretty much everywhere else even in brick and mortar shops and the selection is lacking. Alibaba was supposed to be huge in the usa but has kinda floundered also after a massive ipo bubble. Not that many people are spending bitcoin on legit goods and services, it’s just to voilatile loses value daily so you lose buying power you know? Not trying to disrespect you.

  • 00Pottus00 .

    It started strong then fizzled out like a cheap firework. http://www.coindesk.com/overstocks-2014-bitcoin-sales-miss-projections-3-million/

  • Do you have any numbers to back up your claim? I can’t imagine many people are paying with bitcoin at Overstock.

  • BitcoinESP.com

    If they are doing this, it probably means it’s kicking off slowly, also, you would be surprised how well Overstock has been doing on Bitcoin sales.

  • cohagen

    These guys don’t sell illegal drugs and such so they will not get much in the way of btc sales.

  • cohagen

    With btc grinding ever down ward they will take quite loss on that bit. Then again damn few people actually spend btc online shopping so…

  • This is great news!

Read more:
bitcoin passwords
How Bitcoin Could Solve Your Password Problem

NEW YORK (InsideBitcoins) -- There is no denying that we are in an age of stolen account data. Recently, it...

Close