Rakuten Wallet Completes Registration for Crypto Exchange, Preparing to Go Live Next Month
Rakuten, a major e-commerce company in Japan, has been working to launch their cryptocurrency exchange, Rakuten Wallet. According to a press release from the company, the registration on the crypto exchange has already been completed. Now, all there is left to do is wait until the launch next month.
The product from Rakuten was recently renamed to Rakuten Wallet, though it previously was called “Everybody’s Bitcoin” earlier in March. The former name was assigned to the project prior to the purchase last year in August, which cost Rakuten 265 million yen. At the time, that amount was worth $2.4 million in USD.
After the consolidation period, Rakuten worked to change the structure in a way that meets their needs adequately. The executives involved have since stated that the current state of Everybody’s Bitcoin will no longer exist by the end of the month. The press release added that the primary focus of this endeavor is as a virtual exchange company, which they plan to continually improve the security. The hope of the brand is that evolution will allow customers to feel safe and confident in its use.
Last April, Everybody’s Bitcoin was the subject of a business improvement order filed by Japanese finance regulators. The order came soon after the investigation of Coincheck, which was the subject of a hack that stole over $500 million from the platform. That same month, Coincheck managed to secure a buyout from Monex Group, which paid $33 million to acquire the exchange.
Everybody’s Bitcoin was among a large group of exchanges that received the order, which were distributed after reviews of data handling and security procedures by the regulators.