Rakuten in talks with Bitnet to acquire its IP

Investing | July 20, 2016 By:

Rakuten in talks with Bitnet to acquire its intellectual property to continue testing and developing blockchain technologies.

Rakuten has invested a significant amount in the San Francisco-based startup in the past. The Japanese e-commerce and financial major has been actively using its portfolio company’s solutions on its various retail sites since its initial announcement in the month of March last year.

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 rules and behavior.

While Bitnet’s primary, front-facing product is its enterprise e-commerce bitcoin payment platform, Rakuten is more likely interested in the blockchain digital asset management platform, given bitcoin processing firms are a dime-a-dozen whereas innovative blockchain solutions are the main source of interest for many in the fintech and e-commerce fields going forward.