Big Japanese firms are embracing crypto — particularly high-cap altcoins like XRP — to ensure they stay at the top of the food chain, says an industry insider.

Their comments come after Rakuten, a Japanese conglomerate with a market cap of almost $11 billion, unveiled plans to let e-pay customers spot-trade XRP or buy the Ripple-affiliated coin with their loyalty points. The firm will also let customers spend their XRP in stores via its s e-pay platform.

“Any [Japanese firm] with a large customer base who is at risk of losing it to crypto or web3 products is moving early to defend their position,” Shiv Shankar, CEO of the blockchain firm Boundless and the former head of compliance at Coinbase Japan, told DL News.

The…