Japan’s E-commerce Leader Rakuten Publicly Unveils Its Cryptocurrency Exchange

Rakuten, Japan’s e-commerce giant, has publicly unveiled its digital currency exchange called Rakuten Wallet.

The company made an official announcement on Monday in which it disclosed that the users could begin spot trading activity through a dedicated mobile application in three digital currencies – Ether (ETH), Bitcoin Cash (BCH), and Bitcoin (BTC). At present, the application is available on the Android platform. However, the firm has planned the early September release for the app’s iOS version.

With the dedicated app, consumers can carry out transactions, such as withdrawing/depositing crypto assets and withdrawing/depositing Japanese yen, every day of the year. The app offers many functions for crypto asset management, including crypto assets’ purchases and sales, chart-rate confirmation in real-time, and confirmation of the deposited assets in the Rakuten Wallet.

Providing more details on the exchange, Rakuten shared that the assets of the customers would be held in the cold wallet for ensuring safety. Moreover, private keys would be managed via a multi-signature plan. Apart from that, they have added two-step verification for preventing unauthorized usage. The two-step verification is needed during the log-in process as well as the withdrawal of funds and assets. The announcement also revealed that the consumers’ funds would be kept separate from the Rakuten Wallet’s funds.

What’s more interesting is that account opening and management with Rakuten Wallet comes with zero fees. In addition to that, the Wallet does not charge fees for money deposits or purchase and sales of crypto assets. For those consumers who already possess a Rakuten Bank account, opening an account with Rakuten Wallet becomes simpler. All they have to do is enter and submit the necessary information asked in the application form online.

Rakuten Inc. is a Tokyo-based e-commerce and internet firm that was established in 1997. Rakuten Wallet Inc., Rakuten Group’s consolidated subsidiary, which was formerly called “everybody’s bitcoin Inc.” became a registered virtual currency exchange company on 25th March 2019 with the Kanto Local Finance Bureau. The company had begun accepting account applications for its crypto-asset trading service back in April this year from consumers having a Rakuten Bank account or a Rakuten member ID.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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