Rakuten buys struggling bitcoin startup Bitnet to emanate a ‘blockchain investigate lab’

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Rakuten has confirmed that it has acquired a resources of Bitnet, a bitcoin wallet startup it invested in, that will be used to emanate a ‘bitcoin lab’ for a Japanese sell giant.

The transaction is undisclosed but it follows a Wall Street Journal report in Jul which speculated that a understanding was in a works. Rakuten took partial in a $14.5 million investment round for Bitnet scarcely dual years ago, that was led by Highland Capital Partners.

Rakuten integrated Belfast-based Bitnet’s remuneration option into some of a online commerce sites final summer. Bitnet was ostensible to opposition bitcoin remuneration heavyweights Coinbase and Bitpay, but after a spate of executives left and a startup reportedly laid off half of a staff to cut costs, it struggled to grow a business. That led to this vital asset-stripping pierce from Rakuten.

The Japanese e-commerce hulk is taking Bitnet’s IP and “assets” and two of the startup’s pivotal personnel to create its a Belfast-located research trickery to explore the intensity of a blockchain. That creates a lot of clarity given Rakuten’s sovereignty of e-commerce websites and banking services in Japan and elsewhere in a world.

Bitnet CTO Stephen McNamara and former VP of Engineering Fergal Down

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