Rakuten to launch its own cryptocurrency Rakuten Coin

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The largest ecommerce company in Japan is to launch its very own cryptocurrency Rakuten Coin in the near future in hopes of—what Rakuten CEO Hiroshi Mikitani says—recreating the network of retailers and merchants. Mikitani announced this big news yesterday, February 27, at the Mobile World Congress in Barcelona, Spain.

Rakuten plans on using blockchain technology to update their existing loyalty program Rakuten Super Points. This loyalty program has been very successful since its inception 15 years ago. Over 1 trillion Rakuten Super Points have been issued to their customers allowing them to get discounts on their purchases.

The word Rakuten itself means “optimism” and the company prides itself in being optimistic and believing in the future. It is pretty evident that they are indeed looking towards the future with the use of blockchain technology. They have first shown their interest in blockchain technology in 2014 when they invested in Bitnet Technologies. In 2015, they became the largest ecommerce business to accept Bitcoin as a payment option on their online platform at Rakuten.com. Then in 2016, they opened their own blockchain lab called the Rakuten Blockchain Lab in Belfast, Northern Ireland.

Details about Rakuten Coin’s launch have not yet been released but it will surely be a game changer in the world of ecommerce. Many are raving about the idea of having other ecommerce giants like Amazon create their own cryptocurrencies. Surveys show that people actually encourage the idea!

Rakuten is way ahead of them as the others have yet to even accept Bitcoin as a payment option. But if the Rakuten Coin turns out a success, we should expect to see the other ecommerce giants move towards the cryptocurrency route.

What do you think about this upcoming cryptocurrency? Do you think other ecommerce businesses should follow suit? Comment your thoughts on the comment section below!

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