Japanese Giant Rakuten Enters Crypto Trading Business

Exchange Wallet

Journalist

Sead Fadilpašić

Journalist

Sead Fadilpašić

About Author

Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

Author Profile

Share

Copied

Last updated:

June 26, 2023 06:53 EDT

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

In another victory for the crypto side of Japan, Rakuten Wallet, a cryptocurrency exchange and a subsidiary of Japanese e-commerce platform Rakuten, announced today the launch of a spot trading service for crypto assets.

The Rakuten Wallet app is available for Android users, while the iOS version to be released in an unspecified future, the company said.

Currently, bitcoin (BTC), ethereum (ETH), and bitcoin Cash (BCH) can be traded. Opening and managing an account, purchasing or selling cryptos, as well as depositing JPY or cryptocurrency are all free, while withdrawals of JPY and crypto come with fees.

In regards to safety, Rakuten Wallet stated that:

• it separates money deposited by customers from the company’s funds in a Rakuten Trust Co., Ltd. trust account
• crypto assets owned by Rakuten Wallet and customers are physically separated and managed
  cryptographic assets owned by customers are managed with cold wallets and private keys are managed through a multisignature scheme
• two-step authentication is required when logging in and withdrawing money or assets.

Rakuten was awarded a cryptocurrency exchange operating permit from the regulatory Financial Services Agency (FSA) in March 2019.

Also as reported, Rakuten is gearing up for a flurry of cryptocurrency-related activities – expanding on the scope of a forthcoming token launch and lobbying Tokyo for legislative reform.

Rakuten is one of Japan’s biggest companies, and has been dubbed “Japan’s Amazon.” In addition to its e-commerce business interests, it also operates a mobile network and financial services.

The company also owns chat app Viber, and plans to launch a Rakuten Coin.