Will Rakuten’s Wallet Exchange Launch Push Rival Amazon Towards Cryptocurrencies?
Cryptocurrencies are faring very well this year. However, they are still lacking something very important: something to push their prices to the stars. The so awaited Bitcoin exchange-traded fund (ETF) is simply not here and even Facebook Coin seems to be away in the future, so what can this big news that will awake the bull be? Amazon accepting cryptos.
While still just a theory, this could have a huge impact on the crypto market. Cryptos may be strong, as Bitcoin rose in price 33% in the last month, but being recognized by Amazon would be the ultimate thumbs up for crypto.
For years, however, Amazon has been tied to several fake rumors about accepting cryptos, so why would it do now? Is this pure wishful thinking or do we have any reason to believe that this is the time for integration? The answer is simple: Rakuten.
Rakuten To Accept Cryptos, How Will Amazon Respond?
Rakuten is a Japanese online retailer which has been expanding a lot in recent years. The company has become a strong competitor against Amazon because of this. Fortunately, Rakuten is way more pro-Bitcoin and cryptos than Amazon ever was. The company already has offered the Rakuten Wallet in which you can store cryptos.
A lot of people have been talking about the importance and the role of cryptos in the e-commerce world, so it is simply no surprise that the company have decided to accept them. While Bitcoin adoption is still struggling, Rakuten could give a huge boost and, if the new idea gets really popular, Amazon could see the need to follow it.
At the moment, you need to have a Rakuten Bank account or a member ID in order o have a wallet, but the service will certainly get more mainstream with time. The wallet and the exchange will be opened as soon as the company receives the OK from the Japanese regulators.
So far, Amazon has been pretty resistant to the idea of accepting crypto, but if its competitors decide to do it, there is a fair chance that we may see Amazon changing its mind. In fact, all companies will change their minds about cryptos as soon as they discover how great it can be to offer them.
According to Changpeng Zhao, the CEO of Binance, Amazon adopting cryptos could be the trigger for the next bull run. However, some others believe that we are already on the brink of the bull run and that we do not even need Amazon for that.
Amazon had $232 billion USD in net sales in 2018 and it is the most popular e-commerce store in the United States. Only other giants like the Chinese e-commerce Alibaba can stand their ground against it, so adoption could really mean a revolution for crypto, as a wide number of people would be using it.
Other rivals of Amazon like Overstock.com are already accepting cryptos, too, so even if the company is not too eager on the technology, it may be forced to accept cryptos not to get behind the developments on the market.
Altcoins are getting some impressive gains this year. Binance Coin (BNB), for instance, is up 220% in 2019. Bitcoin continues to grow and the whole market is on a very bright path at the moment.
About Rakuten Wallet
Before the acquisition by Rakuten last year, the now called Rakuten Wallet was known as Everybody’s Bitcoin. Last August, the Japanese company bought it for $2.4 million USD. After the acquisition, the product was remodeled into what it is today.
Rakuten already has a relationship with cryptos for some time. The company accepts crypto payments since 2015 when it first started to accept Bitcoin.