Japanese electronic commerce company Rakuten is set to launch its virtual currency exchange service Rakuten Wallet next month.

Rakuten Wallet completed registration with the Kanto Local Finance Bureau to provide cryptocurrency exchange services.

In September last year, Rakuten acquired Everybody’s Bitcoin from Traders Investment for JPY265m ($2.4m). On 1 March 2019, its trade name was changed to Rakuten Wallet.

The Everybody’s Bitcoin virtual currency exchange service commenced in March 2017 and operated as a deemed exchange without registration.

Following the Kanto Local Finance Bureau’s order in April 2018 to make business and security enhancements, the exchange service restructured its management system.

It formulated a business improvement plan and improved its business management and internal control systems. Current services will be ceased by the end of this month and users will be able to open new accounts for a new service from April.

Announcing the registration, Rakuten said: “As a virtual currency exchange service provider, Rakuten Wallet will support sound development of the industry, and provide a safe and trustworthy user experience by further strengthening its security and service offerings.”

The company expects Rakuten Wallet’s registration to have a negligible impact on its earnings.

Rakuten Wallet may face competition from another cryptocurrency exchange Taotao, which is set to go live in Japan in May this year.

Taotao, which is backed by Yahoo!, will initially trade Bitcoin and Ethereum. It plans to additionally introduce margin positions for Ripple, Bitcoin Cash and Litecoin.