In a process which could help validate and allow the extensive adoption of crypto assets for day-to-day exchanges and transactions on merchant website, Rakuten, which has been popularly termed as the ‘Amazon’ of Japan, will be likely to make use of Bitcoin as one of their means to execute payments on their e-commerce website.
The Japanese e-commerce giant, Rakuten is one of the biggest e-commerce firms of its kind. Rakuten is supposed to bring crypto asset as a payment option in April this year after the expected restructuring of the firm is completed. This move will be a step forward for such a firm which has already displayed its inclination towards the crypto asset sector and the crypto asset market after its legal acquisition of the local cryptocurrency ‘Everybody’s Bitcoin’ in August last year. This acquisition in August last year was achieved after a huge number of international consumers, traders and merchants linked to the e-commerce giant, Rakuten appealed for crypto assets to be introduced as a mode of payment on the e-commerce website.
The firm has said in a statement,
“The role of cryptocurrency-based payments in e-commerce, offline retail and in P2P payments will grow in the future.”
According to the documents released by the firm,
“After the restructuring in April, Rakuten Settlements will be responsible for the serving, processing, and payment of all of Rakuten’s transactions, including those made by the use of cryptocurrencies such as Bitcoin. Everybody’s Bitcoin itself will cease to be used as a mode of payment after March 2019.”
This move of Rakuten is a step forward in crypto assets enjoying wider acceptability and popularity among the general public. The general perception about crypto assets has always been sceptical. If everything goes according to the plan, Rakuten will be bringing in Bitcoin as a mode of payment. This may reverse this perception about crypto assets. The use of crypto assets, powered by the blockchain technology as a mode of payment will also ensure fast, safe and seamless transactions on the e-commerce website. This move may also bring a willingness among other e-commerce giants such as Amazon and Alibaba to experiment and adopt blockchain powered crypto assets at least on a temporary basis so as to check its viability in light of increasing number of customers.