Rakuten to Create Own Cryptocurrency

February 28, 2018

One of the world’s major online-retailers, e-commerce Rakuten company from Japan has declared its plans to establish its own cryptocurrency Rakuten Coin and to shift its loyalty program to their new blockchain platform. This was stated by the CEO of the Japanese company Hiroshi Mikitani in the course of his speech at Mobile World Congress started in Barcelona on February 26.

The token will be designed with blockchain technology at the basis and is to become a part to the Rakuten Super Points loyalty program. It implies offering extra bonuses from purchase or in some cases from selling various goods at the retailer’s trading sites. Rakuten launched the program in 2003 and has rewarded its clients with over a billion of extra points to the total tune of $9.1 bln since.

It is to be noted that some peculiarities like launch date were left secret. The only thing Mikitani mentioned while presenting Rakuten Coin was that the future currency will be a “borderless” one.

2015 saw Rakuten adopting bitcoin as a payment means for goods at its trading sites, while in 2016 the company acquired the Bitnet startup that is developing the namesake bitcoin wallet.

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