The Japanese e-commerce site that is Rakuten has outlined their plans to implement the leading cryptocurrency with their online platform. In the e-commerce space, there isn’t much competition with big platforms like Amazon dominating the industry but with this new move from Rakuten, that could change.
The report was released earlier this month and announced several plans for the firm to make steps forward. One of the most interesting parts of the report was the mention of Bitcoin and their future plans to include cryptocurrency features on the online platform. This announcement is a great way to start of the year in terms of adoption. When the plans go forward, the Bitcoin trading price could see a big boost away from its current slump.
The new Bitcoin feature will be released with the new mobile app that the Japanese platform is pushing on 18th March. The update will coincide with other features which are set to improve the shopping experience online. Rakuten is already a massive online shopping platform with distribution on an international level. The e-commerce site has been starting to get involved in other markets and informs customers of their ability to deliver products.
Other big platforms like eBay and Amazon haven’t made any sort of response to the announcement but this move by Rakuten is clearly going to stir up some competition in the e-commerce space. There has been a lot of rumours floating around for a while now on whether Bitcoin would be implemented on Amazon but as we say, these are just rumours and nothing has been said by the giant on the matter.
However, if they did integrate crypto to their online service, then a whole new audience would be brought in. Bitcoin customers would start flooding in but this could be seen a rivalry to fiat payment systems like VISA, PayPal and Mastercard.
In addition to the integration of Bitcoin, Rakuten is developing its own crypto exchanged called Everybody’s Bitcoin. In the recent report, it shows that the interest the firm has in crypto will continue to develop. Such plans have been in development for some time and are on track to be united with other plans announced in the report.