Rakuten to Launch a New Payment Subsidiary

Japanese e-commerce and internet giant Rakuten is forming a new payment subsidiary which will oversee its cryptocurrency business.

Rakuten recently announced a revision of its corporate structure with the introduction of four major divisions including mobile, fintech, and payment businesses.

“[We] have been preparing the Group Reorganization through a company split, to clarify accountability, improve management efficiencies and optimize allocation of resources, and thereby further grow and expand the Rakuten Ecosystem and maximize corporate value,” Rakuten stated in the press release.

Cryptocurrency is the Future

The company will rebrand its existing loyalty subsidiary, Spotlight Inc., in a new entity called Rakuten Payment. This wing of the company will also run a cryptocurrency exchange in the country.

Rakuten Payment will work as an umbrella for two wings - the crypto exchange Everybody’s Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term and a prepaid card service Rakuten Edy.

According to the press release, Rakuten Payment and other restructured platforms will go live on April 1.

“In order to achieve more integral promotion of the Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term business operated by the group, as a result of the absorption-type split with the company as the split company, the company's payments-related businesses (Rakuten Pay business for real store payments, Point Partner business, Edy business etc.) and shares of Rakuten Edy, Inc., with Rakuten Card Co., Ltd. as a split company, the shares of Everybody's Bitcoin Inc. will transfer to Spotlight Inc., a wholly-owned subsidiary of the Company,” Rakuten added.

Last year, Rakuten acquired the local cryptocurrency exchange Everybody’s Bitcoin for 265 million yen ($2.4 million). The company then said that “the role of cryptocurrency-based payments in e-commerce, offline retail and in P2P payments will grow in the future.”