Rakuten launches cryptocurrency based on blockchain

Thursday 1 March 2018 00:08 CET | News

Rakuten is planning to launch Rakuten Coin, a proprietary cryptocurrency, based on blockchain and the existing Rakuten Super Points loyalty programme.

Rakuten Super Points loyalty system was launched 15 years ago and resulted in a total issuance of over 1 trillion Super Points to Rakuten’s customers, roughly equal to USD 9.1 billion.

The points are obtained every time a customer makes a purchase in the marketplace and can be used to discount future purchases or buy certain products or services on the shopping platform.

With a market capitalisation of over USD 12.5 billion, Rakuten described the newly announced asset as ?a “borderless currency,” underlining Rakuten’s vision of differentiating itself from Amazon, Alibaba or eBay and recreating the relationship between retailers and merchants.

The latest announcement comes almost two years after Rakuten acquired the intellectual property assets of Bitcoin payment processor, BitNet, and opened the Rakuten Blockchain Lab to explore applications for blockchain in ecommerce and fintech.

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Keywords: Rakuten, blockchain, cryptocurrency, ecommerce, Japan, Asia, Rakuten Coin, loyalty programme, fintech
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce