A crowded space
Right now, anyone looking to join up must create a Rakuten ID and link their bank account. Once done, they’ll be pre-registered and ready to go.
This technology is built on top of the Everybody’s Bitcoin platform, which Rakuten acquired last year. Everybody’s Bitcoin suffered a net loss of nearly $444,200 in the last fiscal year, which lead to Rakuten’s purchase, reports CoinTelegraph. With this buyout, the platform is ready for a license to operate.
Rakuten is one of many companies looking into blockchain. Facebook, Google, and Amazon are just a few big businesses looking to get involved.
Otherwise, we’re starting to see some saturation in places to purchase cryptocurrency. With all of these businesses looking to get involved, only so many can make enough to stay open. That and we’re still waiting on mainstream adoption, though crypto usage is starting to stabilize for the better.
In an announcement, Rakuten stated that it will be utilizing artificial intelligence (AI) to help with customer support as well. That and the group will provide a mobile app alongside its exchange. With this, users will be able to trade assets and move currencies between the exchange and their bank.
CoinDesk reports that Rakuten believes in cryptoassets. They quoted the company from last August, which stated:
“The role of cryptocurrency-based payments in e-commerce, offline retail and in P2P payments will grow in the future. In order to provide cryptocurrency payment methods smoothly, we believe it is necessary for us to provide a cryptocurrency exchange function.”
Of course, we’ll have to wait and see what happens in this space. But, it does seem like mainstream adoption is coming closer and closer.