Rakuten is one of the biggest e-commerce retailers in the world and is best known in Europe for its once famous Play.com brand. Despite Play.com winding up an utter failure after initial success, Rakuten has been incredibly successful elsewhere in the world. Not content with conquering the regular currency world, Rakuten has decided to make a foray into the crypto world with its brand new Rakuten Wallet.
Crypto is big in Japan and it’s the home to some of the biggest and most popular crypto exchanges on the planet. Now Rakuten is throwing its hat into the ring, the Japanese crypto space has never looked so prosperous.
A New Smartphone Wallet
Rakuten announced that its crypto wallet will be launched in mid-June 2019 and will be available as a download on smartphones. This decision was made to ensure that its customers and avid crypto holders could trade crypto any time, any place with relative ease. If that wasn’t enough, the Rakuten Wallet will employ state-of-the-art AI technology to help handle complaints and give users instant support. Rakuten is aware of the massive influx of customer support tickets when crypto markets are experiencing high volume, and it’s planning on using AI technology to help solve issues as soon as possible.
The Rakuten Coin
Why stop at just a crypto wallet? Most mobile phone-based wallets have their own tokens, so why shouldn’t Rakuten have one too? In fact, that’s exactly what Rakuten is doing – launching a Rakuten loyalty system that will allow shoppers and crypto holders to earn Rakuten Coins. Every yen, Bitcoin, USD, or Euro spent through the Rakuten store will earn the shopper points, which means big Rakuten Coin earnings. This can then be converted into fiat or other cryptos to be used in the wider crypto world.
Fully Regulated in Japan
Japan is well known for having some of the best crypto regulations out there, and it’s just teased its latest amendments to these regulations. Rakuten’s new crypto wallet will be fully regulated and compliant under the latest set of Japanese laws and will continue to do so. In fact, Japan is so proud of its crypto regulations that it’s making crypto regulation a key discussion topic at the June G20 Summit in Osaka.
As the world gears up for the Rakuten Wallet, crypto markets are coming back to life, with Bitcoin spending much of the week over $5,000. Let’s hope the crypto momentum carries on so the launch of Rakuten’s wallet will be met with cheers rather than cries of “not another crypto wallet”.