Rakuten, Japan’s largest e-commerce company, has expressed their plans of launching their very own cryptocurrency in the near future. To be called Rakuten Coin, their cryptocurrency is going to be based on Blockchain technology and will be aligned with the existing Rakuten Super Points Loyalty program.
These were the details revealed by CEO and founder Hiroshi Mikitani at the Mobile World Congress held last week in Barcelona. According to Mikitani, it is going to be a “borderless currency”, which would set it apart, much like his vision for the company in general, to be distinct from other online retailers like Alibaba, Amazon, or eBay.
He further explains, “Basically, our concept is to recreate the network of retailers and merchants. We do not want to disconnect [them from their customers] but function as a catalyst. That is our philosophy, how to empower society not just provide more convenience.” Take for example the Rakuten Super Points.
This program is 15 years old and has so far given out as much as 1 trillion Super Points to their loyal customers, which roughly convert to some $9.1 billion. It works in such a way that points are earned for every purchase a customer makes in the marketplace. These points can then be later on used for discounts on their future purchases, as well as buy certain products or acquire services on the Rakuten platform.
With the new cryptocurrency in the picture, they aim to further attract and engage more consumers, but this time not just locally but also worldwide. Stay tuned for details on its launch.