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Ecommerce

Japan-based ecommerce company Rakuten to set up new payments subsidiary

Thursday 24 January 2019 | 02:32 PM CET

Rakuten has announced a revision to its corporate restructure, setting up a new payments subsidiary that includes its cryptocurrency business.

Originally, Rakuten revealed in August 2018 it would seek to reorganise its various offshoots in order to streamline accountability and decision-making processes. Now, the company announces through a press release that it will rebrand its loyalty subsidiary, Spotlight, to a new entity, Rakuten Payment, which will also run its cryptocurrency exchange.

Rakuten Payment, along with other details of the restructure, should go live by April 2019. Once launched, it will form an umbrella for two operations: cryptocurrency exchange Everybody’s Bitcoin and prepaid card service Rakuten Edy.

In 2018, Rakuten and Walmart have officially opened the first Walmart ecommerce store in Japan, on the Rakuten Ichiba internet shopping mall.

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