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Amazon’s Rival Rakuten Could Trigger the Next Bitcoin Bull Run?

Rakuten, the giant e-commerce firm in Japan with more than 102 million consumers and the 14th biggest online firm in the world by yearly revenue, has officially stepped into the cryptocurrency exchange market.

In a formal announcement given by the firm Rakuten, they stated that their wallet named ‘Rakuten Wallet’ will function as an authorized crypto trading platform.

After the news of Rakuten coming into the cryptocurrency market, people are starting to hope that the now the leading e-commerce firm of the U.S. Amazon will also follow the steps taken by its rival.

Rakuten, a giant company with businesses across e-commerce, internet banking, media, and communications, has attracted cryptocurrency giant Bitcoin and other virtual currencies for quite some time. Rakuten’s opinion about the new currency class shows the signs of the new future. The company stated in January,

“The role of cryptocurrency-based payments in e-commerce, offline retail and in P2P payments will grow in the future”

Although selecting and adopting Bitcoin and virtual currency is tough because the world’s conventional banks and remittance providers are hurrying to digitalize their own systems or networks and now several are hoping that the world’s largest tech firms, from Rakuten and Amazon or another microblogging site as Twitter, to steer the next signal of bitcoin and virtual currencies adoption.

The customers of Bitcoin and virtual currency are required to have a Rakuten Bank account or a Rakuten member ID in a manner to join the service, yet this no manifestation the largest number of people are able to join. The crypto exchange is planned to access to the people from this year in the month of June after Rakuten get an authorization for its Bitcoin and virtual currency exchange at the end of last month from the Japanese financial services administrator, Financial Services Agency (FSA).

The big names in the cryptocurrency market are cheering the Rakuten’s stepping into the cryptocurrency market. The CEO of the Binance tweeted the statement giving in the past this signifies “Everyone will be in crypto”. The U.S. online retail giant company Amazon has defied the news of its stepping into Bitcoin and virtual currencies. The CEO of Binance, Changpeng Zhao, earlier stated that he hopes Amazon to select to “trigger the next bitcoin bull run”.

Bitcoin and some of the big names in the virtual currency market has been on a split lastly, increasing around 38% over the last month as traders stack into bitcoin and some of its substitutes such as ethereum, Ripple’s XRP, litecoin, EOS, and bitcoin cash.

The bitcoin had surged at the starting of the month, making the analysts and investors in confusion about what actually was the reason of the unexpected surging and creating several suspicious of whether the bitcoin, ethereum, Ripple’s XRP, litecoin, EOS, and bitcoin cash would be able to stay on their current increases.

As per the data recorded by CoinMarketCap, Bitcoin made up to around $90 billion of the total bitcoin and virtual currency market capitalization that jumped up to $186 billion.

Earlier Rakuten’s wallet known as Everybody’s bitcoin was purchased by Rakuten for the price $2.4 million in the previous August. Rakuten first started taking bitcoin remittances in the year 2015, merging bitcoin remittances processor BITNET into its U.S. website. The experts and traders of bitcoin and virtual currencies as expected the stepping of Rakuten into crypto will manifest as profitable.

About Arushi Dubey

Arushi Dubey is a student of Bachelor in Arts( Psychology). She is pursuing Psychology in arts with English literature and French Language. She is well versed in the English language. She is good at expressing her thoughts into words. She is still getting more and more trained in gathering knowledge related to Crypto Currencies and expressing them.

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