Rakuten Incorporation has recently announced the desire to close all Bitcoins Incorporation and the plan of launching its own Rakuten Wallet. The date of Rakuten Wallet launch has been decided and will be on March 30 of this year. It is not new that most of the businesses are launching crypto wallets. Companies such as KIK, Line and Kakao Talk are already in the process of launching a crypto wallet. The news was reported after Rakuten Inc. had finished its filing as a virtual currency exchange company (VCEX).
In the month of September 2019, the Rakuten will be filing another VCEX application for its Rakuten Wallet.
The incorporation statement-
“Wallet of Rakuten will be advancing the development of the market and will assist in improving the security as a VCEX. It will be offering enhanced services so that the users can use it safely and with confidence.”
Rakuten Inc. has been ranked at 10th position on the Fortune 100 list, and it holds a market capitalization of around one-tenth volume of the GM’s profit.
How does Rakuten work?
Receiving cash in return on the purchases can make us feel big purchases a bit more appealing if we link it with proper discounts. Rakuten totals the discounts and helps the customers to receive cashback over their purchases through online.
Within the Amazon Japan and Yahoo Japan, the offerings of Rakuten have been hit as not so good one with the JFTC.
The company has already started making one side changes to contracts with sellers and mostly pressuring them into a loyalty program of loss. This should not be a concern because the differences in the cost may fall over them, but they are not paying the bill.
What does the Rakuten Wallet signify the Crypto?
We are approaching closer towards mass adoptions but end up away two steps from decentralization. Carrying away the power of one’s entity with limited public awareness and giving it to another entity with much limited public awareness does not convert to decentralization. It is converted to the reallocation of power.
Rakuten has the ability to transform the world for the better and should not waste the opportunity.
HOW WILL RAKUTEN WILL BE AFFECTED BY VCEX LICENSE?
Rakuten is basically an e-commerce platform which specializes in discounts. The cash back and discount offerings can be changed by them for making use of their Rakuten Wallet which is a digital payment solution. Consumers can be profited from limited choices. Having too many options can definitely confuse the buyers and not having a mutual profit point may eventually harm both the parties.
The license of VCEX will help Rakuten to remove the intermediaries such as Pay Pal and other centralized banks. Rakuten will not completely remove them. Some people may not use their platform if they remove them completely. Now which currencies the Rakuten Wallet will be using we need to wait and observe. They might be thinking of using the existing cryptocurrencies like Bitcoin, Ethereum and EOS or they might even consider creating their own. In both ways, the product offerings will be impacted.