Rakuten Makes Move: Japanese Conglomerates Target Crypto
Rakuten makes move Japanese conglomerates are embracing crypto, particularly high-cap altcoins like XRP, to stay ahead. Rakuten, a $11 billion market cap firm, now lets e-pay customers spot-trade XRP or buy it with loyalty points.
Rakuten's Crypto Initiative
Rakuten's move signals that regulators don't think XRP is problematic, says Shiv Shankar, CEO of Boundless. Japan is focused on large tokens with good reputation and distribution.
Japanese Conglomerates in Crypto
Major Players
- Rakuten: $11 billion market cap, e-pay customers can spot-trade XRP
- Mercari: $4 billion marketplace operator, launched Bitcoin trading service in March 2023
- Mitsubishi: making moves in the digital assets space
50% of newer Japanese crypto investors used either Rakuten Wallet or Mercoin, while bitFlyer was a distant third with 11%.
XRP Popularity
XRP is the third most popular coin on bitFlyer, with XRP-Japanese yen trades accounting for over 3% of trading volume in the past 24 hours.
Key Takeaways
- Rakuten's XRP initiative signals regulatory approval
- Japanese conglomerates are targeting crypto markets
- XRP is a popular choice among Japanese investors
- Rakuten's move is a game-changer for digital assets
Frequently Asked Questions
What is Rakuten's crypto initiative?
Rakuten now lets e-pay customers spot-trade XRP or buy it with loyalty points, and spend XRP in stores via its e-pay platform.
Why are Japanese conglomerates targeting crypto?
Japanese conglomerates are targeting crypto to stay ahead and defend their position, says Shiv Shankar, CEO of Boundless.
