Will Amazon retains its leading position in the e-commerce industry even without the acceptance of cryptocurrency?
The first quarter of 2019 launched a queue of high-profile cryptocurrency investments. This includes the establishment of J.P. Morgan Chase’s stablecoin. Social media titan Facebook seeks to launch its own coin sometime in the future. These show that the adoption of cryptocurrency is starting to gain momentum.
Misled by false stories
Stakeholders from the crypto industry, however, are still unable to utilize their coins on some of the world’s biggest marketplaces. This includes the online retail behemoth, Amazon, which has been entangled with the misleading stories about Bitcoin and cryptocurrency.
Based on the compiled records of Statista, Amazon is currently the most well-known online store for American shoppers by a huge volume. In 2018, it had a total of $232 billion in net sales and their number of daily transactions will increase with its possible integration with cryptocurrency. It will help in the development of both the marketplace as well as the progress of coins.
As of the moment, a massive number of coin ventures have focused mainly on cryptocurrency exchanges. Establishing a leading and credible marketplace for crypto transactions will provide users with raised incentives to spend their coins.
Possible change of mind
Even if Amazon keeps on disregarding the burgeon of cryptocurrency, it could change its mind because of its rivals’ success. Overstock.com is a US-based online store competitor and has adopted cryptocurrency for many years. However, the growth of Japan-based Rakuten may possibly convince Amazon to change its mind toward cryptocurrency adoption.
Rakuten has been proliferating in global markets for the past several years. The Japanese online company has allocated investments towards the development of crypto projects. In fact, it accepts registrations for their new Bitcoin and Rakuten Wallet. It is a crypto platform that will integrate e-commerce and cryptocurrency trading.
Rakuten Wallet launch
Rakuten Wallet will be launched this June 2019 preceding the approval of its Bitcoin and cryptocurrency platform exchange license by the Japanese Financial Services Agency (FSA). Formerly known as “Everybodys’ Bitcoin” and dubbed as “Japanese Amazon”, the company had started the registration of their customers last week.
Rakuten smartphone app
According to the released statement of Rakuten Bank, they are in the process of developing a smartphone application. The app will enable users to deposit, withdraw and trade cryptocurrencies wherever they are.
Rakuten is currently accepting crypto payments on its platform from 29 different countries. In order to register for a Rakuten Wallet, individuals should be a Rakuten Bank member and register from the web app. Those who are not the bank’s clients need to undergo multiple verification steps as part of the KYC process.
Users who want to buy and sell digital currencies through Rakuten Wallet need to provide a Rakuten ID and their accompanying bank information. This will provide them access to the platform’s services.
Rakuten is one of the leading global e-commerce platforms. Its main objective is to institute exceptionally secure digital assets exchange. Japan now has a crypto-friendly environment which will make it easier for users to carry out crypto trading activities and transactions.
Taking over Everybody’s Bitcoin is the initial movement that Rakuten took regarding the crypto ecosystem. The company proved to be compliant with the present guidelines enforced by the Japanese government to control the cryptocurrency market. The latest approval to operate in Japan prepares the firm to offer users new crypto-related services.