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Japan: E-Commerce Giant Rakuten’s New Payment App Appears to Support Crypto

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Japanese e-commerce company Rakuten introduced {that a} main replace of its Rakuten Pay cell app can be launched on March 18, in keeping with the company’s 2018 income unencumber, published on Feb. 12. The app’s new construction seems to signify that it is going to beef up cryptocurrency bills along with fiat.

According to the corporate’s presentation subject material for the fourth quarter and the whole yr of 2018, the brand new model of the app will function “all payment solutions embedded into one platform.”

As Cointelegraph reported in January, and the hot fabrics ascertain, Rakuten — recognized informally as “Japan’s Amazon”— printed a revision to its company construction. The restructured corporate comprises the company’s cryptocurrency alternate “Everybody’s Bitcoin” as a part of a newly established bills subsidiary, Rakuten Payment. The fee subsidiary, which was once in the past its loyalty subsidiary underneath the identify “Spotlight,” can even come with the company’s pay as you go card provider, Rakuten Edy.

The company’s income unencumber specifies that Edy can be supported within the up to date app and in addition signifies beef up for QR code bills. Though the app replace does no longer explicitly be aware crypto beef up, the corporate’s specification that “all payment solutions” can be supported at the platform implies beef up for crypto bills as part of its subsidiary, Rakuten Payment.

Rakuten acquired Japanese crypto alternate Everybody’s Bitcoin in August 2018 in a $2.four million deal. At the time, corporate representatives reported that the company was once “considering entry into the cryptocurrency exchange industry” because it believes “the position of cryptocurrency-based bills in e-commerce, offline retail and in P2P bills will develop someday.”

In its income unencumber, Rakuten reported a web source of revenue for 2018 of about 141.nine billion yen (about $1.three billion), a 28.four p.c year-over-year build up from 2017.

In March 2015, Rakuten additionally announced that it had began accepting Bitcoin (BTC) as a fee possibility on its American portal, Rakuten.com.

Another Japanese web and finance massive, SBI Holdings, has additionally proven main hobby within the crypto sphere. The company launched its personal crypto alternate, Vctrade, in July. The alternate started accepting deposits in numerous main cryptocurrencies in December 2018.

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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