‘Rakuten Wallet’ Crypto Exchange Set To Go Live Soon In Japan

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It looks like Japanese internet and technology giant Rakuten is all set for the launch of its cryptocurrency exchange. The company has completed the registration of its upcoming exchange after renaming it from Everybody’s Bitcoin to Rakuten Wallet, which is a much better name, isn’t it?Everybody’s Bitcoin was acquired by the company back in August 2018 for 265 million yen (around $2.4 million, which amounts to 17 crore 20 lakh rupees). What followed the acquisition was a consolidation period in which company’s operations were merged with the operations of Rakuten Corp, and now finally a company employee has confirmed that Everybody’s Bitcoin will cease operations by the end of March to enter a new phase of its journey. A press release was also issued by the company in this regard, which said:“Rakuten Wallet will contribute to the sound growth of the market as a virtual currency exchange company, and will further enhance security and provide enhanced services so that more customers can use it safely and with confidence.”Everybody’s Bitcoin had received a Business improvement order from Japanese FSA after the hack of Coincheck cryptocurrency exchange. The FSA had launched an inquiry into operations of all Japanese crypto exchanges as a precautionary measure to prevent future Coincheck like incidents, and in those inquiries it found Everybody’s Bitcoin guilty of not following proper procedures to ensure the safety of users’ funds. Other exchanges had also received such orders. It was at this point that Rakuten acquired Everybody’s Bitcoin to enter the cryptocurrency space.In the meantime, Rakuten Wallet is also set to get some competition from another Japanese exchange being launched this week. TaoTao, a cryptocurrency exchange partially owned by Yahoo! Japan, is also going live this week. Let’s see which of these two win the war for domination of Japanese crypto space.
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