Rakuten is informing the potential users of its wallet about plans to launch their new platform in June. The announcement goes to traders who want to use the Rakuten Wallet open accounts. This was according to reports on the 15th of April. The information is that the company is making plans to launch the crypto exchange platform in June this year.
Right now, Rakuten is offering registrations online for traders. The process requires that every trader should present a user ID from the company and their bank account. Therefore, the opportunity is open for all traders to utilize the platform once it opens.
Let’s recall that Rakuten took control of another platform “Everybody’s Bitcoin Platform” last year. Once they took over, they brought in a lot of changes. This move helped them to acquire an operational permit license from the Japanese regulators last year December. The regulators had marked this Bitcoin trading platform as lacking in management control. However, Rakuten took over and changed the outlook of Everybody Bitcoin. Well, their investment finally paid off with a permit to operate legally in Japan.
Other companies in the crypto space are improving too
The company has now joined other major players who are planning to enter the cryptocurrency industry in Japan. Such players like Yahoo! Japan is also amongst those who are interested in the domestic scene. Right now, they own 40% shares of another upcoming platform TaoTao which will launch in May.
Also, many companies are improving their services by adding some features which they didn’t have in their services initially. This is of course as a reaction to their customers’ demands. For instance, Coincheck added a new feature this week. The company launched the platform with Bitcoin but has now added altcoins to the OTC trading desk.
This week, another investor in Japan helped to finance a South Korean crypto platform Bithumb to the tune of $200, million.
Still, on this, another report on Monday revealed that one developer had put a stop to its plans. The reason for the decision by Money Forward Inc. was due to the bear market in the crypto industry. Well, we think that stopping their exchange project because of the crypto bear market may not be a good move. However, the group may have their reasons.