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Japanese e-commerce giant Rakuten is planning to launch its own crypto

Mar 01, 2018 Posted /  4561 Views

Japanese e-commerce giant Rakuten is planning to launch its own crypto

The CEO of Rakuten, Hiroshi Mikitani announced on 27th February in Mobile World Congress organized in Barcelona that the giant e-commerce company is planning to launch its own Virtual token. Currently, the site is offering the Rakuten super points loyalty program, and the upcoming coins will be based on the existing program.

In his speech, Mikitani described virtual tokens as “borderless currency.” He further mentioned that he wants to use the innovation to recreate and re-establish the relationship between retailers and merchants. Mikitani believes that Rakuten is different from its fellow online retailers such as Amazon and Alibaba because of its distinct vision.

“Basically, our concept is to recreate the network of retailers and merchants. We do not want to disconnect [them from their customers] but function as a catalyst. That is our philosophy, how to empower society not just provide more convenience,”  - Mikitani

Mikitani introduced super points loyalty program 15 years ago. Whenever a consumer buys any product from the e-commerce platform, his account is credited with a certain number of points which are used by the purchaser in future buying of products and services. As per media sources, Rakuten has issued over 1 Trillion super points to its customer which roughly equals to $9.1 Billion.

The company is looking forward to engage existing customers and attract crypto devotees by amalgamating super points loyalty program and Blockchain Technology.

The CEO did not mention any launch date of Rakuten coins. As per TechCrunch reports, the company is contriving to provide Rakuten coins service in all of its businesses including a travel company, an on-demand video service and a mobile messaging app, Viber.

The previous announcement was recorded before two years when the company reported that it has acquired property assets of Bitnet and established a Rakuten Blockchain lab to explore the uses of distributive ledger technology in e-commerce and Fintech.

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Tags: blockchain virtual token fintech distributive ledger CEO of Rakuten

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