Rakuten Now Accepting Bitcoins With Multi-Signature Escrow

The Bitcoin might just have gotten another boost in the right direction today, as Rakuten announced that they have started to accept Bitcoins in their US shop, with a global roll-out plan also being in place already.

Rakuten is the largest online retailer in Japan, with millions of customers world-wide, making them one of the biggest companies to start accepting Bitcoins as a payment method. Along with the acceptance of Bitcoins comes a $30 discount for all orders of $100 or more, giving people a reason to exchange their funds into Bitcoins to shop with them.

Rakuten will be accepting Bitcoins through a partnership with the Bitcoin payment processing company Bitnet, who will exchange the Bitcoins into fiat-money at the daily rate and allow them to regulate the prices as the Bitcoin moves up and down in value.

“Bitcoin turned the Internet into a secure, seamless global payment network. By integrating with Bitnet we are now offering consumers the industry standard in secure payments, and our merchants will benefit by receiving guaranteed payments.” Fumio Kobayashi, President of Rakuten said in a press release.

But accepting Bitcoins was not the only announcement Rakuten made, as they also announced the integration of multi-signature escrow support for some high-value items in their shop. This is to give security to people who doesn’t look buying expensive items online without having the safety that a credit card or bank wire provides. Rakuten is the first large company to offer this feature and it is expected to be a success.

Rakuten also announced that the $30 discount is just the first of many promotions coming for customers who wants to pay with Bitcoins, stating “These campaigns will continue throughout the course of the year to encourage adoption and repeat usage.” 

Daniel Allermand

Daniel Allermand is a freelance writer, with more than 4 years of experience in the industry as an operator, affiliate and poker player. Daniel has decided it was time to try and bring more coverage about the industry to the general public by writing articles about everything from poker to casino.  

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