Japanese e-Commerce giant Rakuten launches its own cryptocurrency

Japanese e-Commerce giant Rakuten launches its own cryptocurrency

Japan’s largest company specializing in e-Commerce, Rakuten, with a market capitalization in excess of $ 12.5 billion plans to launch its own cryptocurrency called Rakuten Coin based on the blockchain technology and existing loyalty program, Rakuten Super Points.

The announcement was made CEO and founder of Rakuten Hiroshi Mikitani during his speech at the Mobile World Congress in Barcelona on February 27.

Mikitani described the asset as “infinite crypto-currency” and with it hopes to differentiate from giants such as Amazon, eBay and Alibaba.

In principle, our concept is to recreate a network of retailers and merchants. We don’t want to separate them from their customers, but rather to work as a catalyst. Our philosophy is to not just to make the relationship more convenient for buyers and sellers, but to strengthen society.

Loyalty system Rakuten Super Points was launched 15 years ago and since then has achieved significant success, with the result that all were released 1 trillion Super Points for Rakuten customers, the capitalization of approximately 9.1 billion dollars.

Points are awarded each time a customer makes a purchase on the marketplace and can be used for discounts on future purchases or full payment of certain products and services.

The company intends to implement a loyalty program based on blockchain to attract customers and use the growing interest in cryptocurrency to attract new members to the loyalty program.

No details about the launch date of the new cryptocurrency Rakuten is not published.

Rakuten has a stake in the company, which is engaged in processing bitcoin payments, BitNet, and also opened a laboratory Rakuten Blockchain to use blockchain technology in e-Commerce.

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