Rakuten Planning to Integrate Bitcoin Payments

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Rakuten Planning to Integrate Bitcoin Payments

Japanese E-commerce company Rakuten is planning to integrate Bitcoin payments, founder and CEO Hiroshi Mikitani confirmed at a recent financial conference about alternative payment technologies.

Though the decision is still in its speculative phase, Mikitani’s choice of words made it a nearly possible affair. “We are thinking about it, and we probably will,” he stressed. “We would like to be open.”

Despite facing a major blow called Mt. Gox last year, Japanese companies are still interested towards joining the ever growing Bitcoin industry. Rakuten, meanwhile, is said to have been studying the impact of digital currency payments on business from a long time. The e-commerce giant has also opened a department in the US to bring out correct revenues earned from Bitcoin payments, and is also a part of many Bitcoin ventures there.

How Does It Help Bitcoin?

Before Rakuten, many world renowned companies, including Microsoft and Dell, have began accepting Bitcoin for their respective products. However, such an adoption never helped Bitcoin when it comes to creating optimistic impacts on market. This is because of the companies’ decision to avoid holding Bitcoins because of latter’s volatility. Therefore, there have been merchant adoption, but the used Bitcoins are quickly converted into fiat money by third party companies like BitPay. It overall creates a dumping scenario, adding nothing to the Bitcoin value.

But marketing wise, the similar announcements help Bitcoin reach millions of people; thus increasing the chances of better user adoption rate. If Rakuten do accept Bitcoin, it would directly influence Japanese customers to use it.