Rakuten, Japan’s e-commerce giant with market cap of US$12.5 bn, has acquired cryptocurrency exchange Everybody’s Bitcoin for US$2.4m
Rakuten announced it had been “considering entry into the cryptocurrency exchange industry” for some time due to its belief that “the role of cryptocurrency-based payments in e-commerce, offline retail and in P2P payments will grow in the future.”
The acquisition apparently comes in response to demands from a growing number of customers who have been calling for the provision of a cryptocurrency exchange service.
Loyalty & Reward Co can’t help but think the move will provide an ideal platform for the planned launch of their blockchain loyalty program, which they announced in March 2018. Owning an exchange would allow Rakuten to provide members with their own digital wallet which could be hosted directly on the exchange, allowing for rapid, zero cost transactions and turning a significant proportion of their member base into crypto traders overnight. This could quickly turn Rakuten into the world’s biggest cryptocurrency exchange company overnight while simultaneously making them the biggest blockchain loyalty program operator in the world.
This is a game-changing move from a huge player with a clear strategy and a big vision.
We can’t wait to see what they do next.
Philip Shelper is a specialist loyalty consultant based in Sydney, Australia who obsesses about everything to do with loyalty and rewards. His company Loyalty & Reward Co are a leading loyalty consulting firm.
Phil is the author of “Blockchain Loyalty: Disrupting loyalty and reinventing marketing using cryptocurrencies.”
www.blockchainloyalty.io is a global resource centre for everything blockchain loyalty.
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