Rakuten announced Rakuten Coin at MWC 2018

Japanese market giant made it first into cryptocurrency world unlike its rival Amazon
27 February 2018   818

Today at MWC 2018 in Barcelona Japanese online retail behemoth Rakuten announced it's launching Rakuten Coin - its own native cryptocurrency. The initial purpose is Rakuten's loyalty program. Built on blockchain by means of its acquired blockchain startup Bitnet back in 2016, the company hopes to boost the interest on Rakuten Super Points loyalty program and encourage customers to spend those points across various Rakuten services and markets globally.

Naturally, because the initiative is blockchain backed, Rakuten tries to get rid of third party handlers and operators, thus cutting fees of purchases and delivery. With this in mind, Rakuten indirectly aims to drive more purchases as customers are encouraged to collect and spend loyalty points. Aside from retail business, Rakuten has its own MVNO mobile service that hopefully will turn into a full-fledged operator in the near future. This service is another potential use case of spending loyalty points.

Another minor goal of introducing company's own token is to attract more publicity to the blockchain world and cryptocurrency in particular. Especially in the perspective of Amazon yet to present anything viable on the table in terms of blockchain-related product. But recent event like domain purchase and partnership with Corda hints that Amazon is preparing something intriguing.

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.

 

Hiroshi “Mickey” Mikitani

Rakuten’s CEO

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   108

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.