Rakuten.com, a Japan-based e-commerce giant, has announced that it is expected to open the Rakuten Blockchain Lab (RBL) in Belfast, Ireland on 22 August 2016, following the acquisition of the intellectual property assets of a bitcoin payment processing firm Bitnet Technologies Ltd.

According to ibtimes.uk, chief technology officer Stephen McNamara and vice president of engineering Fergal Downey will join from Bitnet and head the day-to-day operations. The Rakuten Blockchain Lab will be a part of the company’s ecosystem services organization which is led by Fernando Paulo, executive officer of Rakuten.

“We are delighted that Rakuten has chosen to open their new Blockchain Lab here in Belfast. There are so many great opportunities for blockchain technologies inside Rakuten and the newly created lab will be instrumental in delivering new and innovative solutions,” Fergal Downey, VP of engineering of the new RBL said, as reported by IBTimes.

Headquartered in Tokyo, with over 12,000 employees worldwide, Rakuten is expanding the scope of blockchain technology, IBTimes report stated.

"Drawing on the significant IP assets and deep engineering expertise of the Bitnet team and combining that with Rakuten's leadership in fintech and support of innovative solutions, the new Rakuten Blockchain Lab will be our first step toward unlocking blockchain's potential to revolutionize the way that financial and e-commerce transactions are conducted,” Yasufumi Hirai, group executive vice president, CIO, CISO and head of the technology division, said.

Last month, Rakuten announced the acquisition of IP assets of Bitnet in order to continue blockchain testing and development. The acquisition followed Rakuten’s previous investment in Bitnet. In April last year, Rakuten.com announced that it is accepting bitcoin as a payment option.