More and more large companies are getting interested in cryptocurrencies, and many have actually been taking action in the past few months. After seeing companies like Kodak and Atari create their own coins, and hearing statements from Microsoft and Starbucks top executives discussing the blockchain, it is safe to say that larger firms do not want to miss out on the cryptocurrency frenzy.
It is now one of Japan’s largest e-commerce companies Rakuten, an Amazon rival, who has announced that it will create its own cryptocurrency called the Rakuten coin. In 2016, Rakuten had already shown interest in the blockchain and in the crypto space by acquiring the digital currency wallet company Bitnet. The Rakuten token will be using the blockchain technology and will allow customers to purchase items on the platform directly with the currency. It will also be paired up with the Rakuten rewards system that is already in place, to push customers to participate in the website’s ecosystem. The CEO of Rakuten Hiroshi Mikitani was the one to announce the big news. He did not communicate a date for its launch but explained that one of the big objectives of this new token is to reach a large number of international customers and bring them to the e-commerce platform.
Since Rakuten is such a big actor in the e-commerce space, especially in Asia, we could assume that this move could influence other large companies like Amazon. In turn, if a company like Amazon starts accepting cryptocurrencies as payment, or even creating a coin of its own for purchases on its platform, this could mark a historic turn in cryptocurrency history. A company like Amazon creating its own token would push other large firms to create one as well.
Rakuten understands the benefits and opportunities that come with decentralized currencies. Will we see Amazon follow Rakuten or partner up with an exchange like Coinbase in the near future?
TLDR: Japanese company Rakuten has announced that it will create its own token, the Rakuten coin. The e-commerce company wishes to attract a large amount of new customers, especially from overseas.