Economy

Japanese Giant Rakuten Officially Launches Cryptocurrency Exchange

Japanese Giant Rakuten Officially Launches Cryptocurrency Exchange”

Rakuten first revealed its exchange play in March, saying it had been awarded a license in Japan for its rebranded entity - an exchange platform called Everybody's Bitcoin acquired for $2.4 million last August.

Rakuten Wallet is a crypto exchange, and today the company announced that spot trading facilities are now live on three major cryptocurrencies. The service launches with an Android app only but the company says that it plans on releasing an iOS version in September.

The Japanese internet giant also detailed that, for security reasons, the crypto platform will store the clients' funds and the exchange's funds separately.

To ensure the security of crypto asset transaction services, Rakuten Wallet said that crypto assets owned by Rakuten Wallet and customers are physically separated and managed, and cryptographic assets owned by customers are managed with cold wallets.

The firm claims that it doesn't charge fees for its services including, opening or managing an account, purchasing or selling crypto asses or depositing money. Two-step authentication is required for login, withdrawing money and withdrawing assets, the release confirmed.

The application process has also been made as simple as possible and particularly for those who already bank with Rakuten Bank.

Access to the cryptocurrency exchange will be open to Rakuten Bank customers via online application forms, which will most likely include the provision of personal information, such as ID cards, pictures with the ID cards and the bank account which the customer will be used for deposits and withdrawals.

Rakuten wallet states that the funds held by the subsidiary will be spearhead by the company's own, Rakuten Trust.

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