Crypto News | Rakuten coin to be launched

Right off the bat, we’ll be reporting on a number of recent revelations and announcements by reputable tech companies that are just now taking a risk with cryptocurrencies. Our other reports will also be reverberating with a certain recurring pattern. Let’s see if you can recognize what it is! First off, Rakuten, a record-setting e-commerce company from Japan, will be releasing its own crypto, Rakuten Coin. The release, as relayed by Rakuten’s CEO Hiroshi Mikitani, will be used as a resource to revamp Rakuten’s rewards and loyalty program. By using Rakuten Coin, the company is hoping to reel in new customers.

The revelation is reminiscent of Robinhood’s recently introduced commission-free crypto trading service, part of a new trend of successful fintech companies reaching out to the crypto community. It’s been a riveting couple of days for Robinhood. Roc Nation, Jay-Z’s company, revealed that its subsidiary venture fund Arrive will be making a major investment in Robinhood. The rap icon is very passionate about democratizing people’s access to wealth. Robinhood, known for being regarded very positively by millennials for making stock trading easier, is now looking to do the same with crypto trading.  Initially, the app will only be rolling out ETH and BTC trading, but users can track 16 digital assets in total.

Right about the time when Ethereum’s recovery saw ETH price reach its peak of $865 and pundits discussed BTC’s return to form at $10,791, Ripple’s volatility reared its ugly head. The third member of the top trinity climbed by 2000% between September and January, mostly due to Ripple realizing a number of contracts with massive international corporations. XRP’s value, however, dropped by 58% since its high, making it more volatile even than its peers, ETH and BTC.

Ripple’s biggest competitor when it comes to making international payments is certainly Swift. The company is reorganizing its payments system to keep up with Ripple, but without using cryptocurrencies. Last year, it released its global payments innovation (gpi) for corporate clients. Ripple Net, however, isn’t interested in quick fixes and band aids. If Ripple can replace Swift, it will certainly reflect on XRP’s price, while the aftershocks will reverberate through financial and cryptocurrency markets worldwide.


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Author: Max Rothstein

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