Retail Giant Rakuten’s Crypto Exchange Now Live!

Rakuten, Japan’s retail giant, has officially launched a spot trading service for crypto assets through its subsidiary Rakuten Wallet, according to a press release August 19.

The spot trading service for a start only supports three cryptocurrencies– Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH). Users will access this trading service through a dedicated mobile application.

Per the release, the application will initially be made available for the Android users, with the announcement for an iOS version scheduled to come earlier next month. 

With useful functions to allow customers to manage their crypto assets, the app will also grant users access to 24/7 transactions, such as depositing/withdrawing Japanese fiat currency or crypto assets.

Funds deposited into the trading platform by customers is kept separately from the company’s funds. The idea is to ensure customers money are safe and to secure crypto asset transaction services. Moving forward, the funds separated by Rakuten Wallet are managed in trust accounts. The accounts are said to be provided by Rakuten Trust Co., Ltd., which will then move to savings accounts on Rakuten Bank, Ltd.

Meanwhile, users’ crypto assets are to be stored away from the internet (cold wallet), with private keys managed through a multi-signature scheme. Two-step authentication is required for login, withdrawing money and withdrawing assets, the release confirmed.

Customers with a Rakuten Bank account can easily open a Rakuten Wallet account by entering the necessary details on the online application form. Interestingly, the new exchange will in a bid to promote adoption not collect any fees for opening or managing an account, as well as transactions at the moment.

Coinfomania reported that Rakuten Wallet began to accept account registrations earlier in April. However, it was for users who have an account at Rakuten Bank as well as those who had a valid Rakuten member ID, before the launch.

On the effort to ensure full readiness for the cryptocurrency exchange, the parent firm Rakuten as reported on May 29, partnered with blockchain security startup CipherTrace for regulatory compliance.

NordFX