Cryptocurrency exchange under the Rakuten brand finally makes its debut in Japan


everybody’s bitcoin Inc., a Japanese cryptocurrency exchange operator, announced on March 1 that it had changed its trade name to Rakuten Wallet, Inc.

In August 2018, e-commerce giant Rakuten, often referred to as Japan’s Amazon, acquired all of the shares of the cryptocurrency exchange everybody’s bitcoin through its consolidated subsidiary Rakuten Card Co., Ltd., marking its entry into the cryptocurrency business. The change of trade name is intended to enhance the Rakuten Group’s businesses and maximize synergies.

Rakuten Wallet, Inc. issued a press release, reporting its capital increase to JPY 1,380 million with additional capital provided by Rakuten Card Co., Ltd. In the same release, the company announced the termination of the current service on March 31 and the start of the new service on April 1.

Prior to this, Rakuten announced a plan during a financial results briefing in February to update its payment application Rakuten Pay on March 18. The update is said to enable users to use all of Rakuten’s electronic points and money, namely Rakuten Points, Rakuten Cash, Rakuten Edy, and Rakuten Pay, with one application.

During the briefing session, Rakuten also announced a new corporate structure, including plans to establish Rakuten Payment, Inc., which will oversee the payment business, in April, and to convert everybody’s bitcoin and Rakuten Edy, Inc., which handle electronic money, into subsidiaries of the new company. Given the new trade name Rakuten Wallet, the payment application is expected to handle cryptocurrency payments in the future.

*This article was written by Fisco