Rakuten Wallet was previously known as Everybody’s Bitcoin, an exchange Rakuten acquired for USD 2.4 million in August 2018. A rebranding of the entity to Rakuten Wallet took place on March 1, at which time the older service was closed.
Still, for now, only customers who have an account at Rakuten Bank or who already have a Rakuten member ID can sign up in preparation for the launch of trading. Moreover, the ecommerce company rolled out an automatic support service using AI (artificial intelligence) technology to answer customer inquiries and plans to launch a mobile app allowing users to trade cryptocurrencies, as well as to make deposits and withdrawals.
The Japanese Financial Service Agency granted Rakuten a license for its cryptocurrency exchange in March 2019. The exchange is therefore registered with the Kanto Local Financial Bureau as a virtual currency exchange service provider under the country’s Payment Service Act.
According to CoinDesk, Rakuten’s ecommerce site started accepting Bitcoin payments in 2015, when it integrated its US website with Bitcoin payment processor Bitnet.
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