Enterprise bitcoin payments processor Bitnet Technologies Ltd. looks set to be possibly leaving the bitcoin payment industry with a report that it is in the process of selling its intellectual property assets to Japanese e-commerce giant Rakuten, Inc.
The Wall Street Journal claims to have seen a memo related to the deal and that Rakuten is considering using Bitnet’s assets to continue testing and developing blockchain technologies.
Of note, Rakuten currently uses Bitnet to accept bitcoin payments across its e-commerce platforms and holds a minority stake in the company through a previous investment.
Founded in 2013, Bitnet provides a digital commerce platform that allows enterprise-scale merchants to accept bitcoin payments.
In addition to offering payment solutions, the company also offers a variety of other services, including blockchain digital asset management, blockchain consulting, and B2B cross-border remittances.
Bitnet’s blockchain digital asset management platform offers a stack which simplifies the issuance and management of multiple asset types using the Open Asset Protocol to “color” a tiny amount of bitcoin and create a new digital asset that inherits bitcoin characteristics; the platform is said to allow for the easy delivery of custom applications that provide domain-specific