A known messaging platform, Viber, plans to adopt Rakuten Coin, a cryptocurrency created by its parent company, Rakuten. The service has chosen Russia to be a testing ground for the coin adoption with a planned rollout in 2019.
Rakuten, a large, multinational company based in Japan, will implement its cryptocurrency, Rakuten Coin, into Viber’s platform. Currently, the company is studying Russian law to make sure that their crypto is properly regulated before the launch.
Rakuten Coin chooses Russia
Viber is one of the most-used messaging apps in Russia, with over 45 million users, so the app will be a key player in spreading awareness and adoption of Rakuten’s new crypto.
The company announced back in February that they are creating a new blockchain-based crypto. The coin will require marketing and a method of distribution, which is where Viber comes in. The app has launched a new service, by the name of Viber Community.
Rakuten, on the other hand, has already created a large network of various services, including those dedicated to finances, video streaming, and even e-commerce. With Viber’s help, they will enter the messaging app market, allowing Viber’s users to pay for services without leaving the app.
As part of its preparation for the coin, Viber will launch an e-commerce platform by the end of 2018 so that when the coin arrives, it will be used through Viber and be accessible through exchanges, where it will be traded for three fiat currencies – Euro, the US dollar, and the Russian Ruble.
Viber and Rakuten Coin: the perfect combination
According to Viber’s statement, the Rakuten Coin will be supported by the Rakuten ecosystem, will be tradeable in Viber, and can be stored in the Viber wallet. Additionally, it can be changed for rubles, euros, and dollars.
After the coin is launched in Russia, it will be interesting to see how the whole thing works out. In may be enough to give Viber the popularity it needs to beat its competitors, WhatsApp and Telegram. After all, Viber is far from being the biggest app, with only 15% when it comes to penetration of the US. The situation is only slightly better in Western Europe, at 22%.
Eastern and Central Europe are the places where Viber shines, with the figure growing to about 73% and in Russia they have 76% of market share, making Russia a good choice to test its new coin.
With Russia in the process of bringing stable crypto regulations, this might be the perfect opportunity for Rakuten Coin to thrive and for Viber to develop into a platform which could put it ahead of its competitors once and for all.