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Japanese Giant Rakuten Enters Crypto Trading Business

Japanese Giant Rakuten Enters Crypto Trading Business 101
A screenshot of the app. Source: Rakuten

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.

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