E-Commerce Giant Rakuten Is Launching Its Own Crypto

Japanese e-commerce firm Rakuten is launching Rakuten Coin to use as part of its loyalty rewards program.

AccessTimeIconFeb 27, 2018 at 5:40 p.m. UTC
Updated Aug 18, 2021 at 8:20 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Japanese e-commerce giant Rakuten is launching a cryptocurrency.

Rakuten CEO Hiroshi Mikitani unveiled the "Rakuten Coin" initiative – which will be used as part of the company's points-based loyalty rewards system – during this week's Mobile World Congress event in Barcelona. Speaking Tuesday, Mikitani pitched the project as a way to help the company expand its international customer base.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • It's not clear at this time when the cryptocurrency will be launched, according to a report from TechCrunch. Still, the firm intends to eventually make Rakuten Coin available for use within all of its businesses, which in addition to its global marketplace includes a travel company, an on-demand video service and mobile messaging service Viber, among others.

    It also hopes to use the cryptocurrency to attract more international customers by positioning it as a "borderless" payment method that could mitigate exchange rate fees. The company has said that it already sees international demand on this front.

    Rakuten – often compared to Amazon – has long been associated with cryptocurrencies, dating back to 2015 when it moved to accept bitcoin through payment processor Bitnet. It subsequently invested in Bitnet and then tapped two of the startup's former employees to create a Belfast-based blockchain lab following a 2016 acqui-hire.

    With the Rakuten-branded cryptocurrency, the e-commerce company is taking some of that work and advancing it to its global customer base.

    The idea is to mobilize the interest around cryptocurrencies in a bid to attract new customers to its loyalty program, which has awarded more than $9 billion worth of points since it first debuted in 2003, TechCrunch reports.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.