Today, on August 19, the largest e-commerce platform in Japan, Rakuten officially publicize the launch of its cryptocurrency exchange with trading in three largest cryptocurrencies, Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH).
Rakuten Launches Crypto Trading in 3 Assets
The announcement by Rakuten wallet Inc., a subsidiary of Rakuten says that the spot trading service for BTC, ETH, and BCH has gone live against Japanese yen. Currently, the trading is available via its android mobile app while it will go live on the iOS app shortly.
Rakuten was in crypto headlines for some time now, and with the launch announcement, the platform gathers significant interest from the worldwide crypto community. While the plan to launch a crypto exchange made public during April this year, it was followed by the giant’s acquisition of local crypto exchange, Everybody’s Bitcoin back in August 2018.
Rakuten wallet states that the funds held by the subsidiary will be spearhead by the company’s own, Rakuten Trust. Those who’ve already held accounts at Rakuten bank can open a Rakuten wallet account more easily by merely entering the required information via an online application form.
The giant claims that they’re storing user’s funds in offline/cold storage, intending to minimize the risk of hacking. Rakuten seems diligently stepping into the crypto industry as the platform outlined they’re following two-step verification method for signing in and withdrawal requirement. Even, it also asserts that the private keys are managed using a multi-signature scheme.
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. However, the release quietly mentioned that the withdrawal of Japanese Yes would cost JPY 300 as fees and the and withdrawal of crypto assets, BTC will cost small fees; i.e., 0.001 BTC, 0.01 ETH, and 0.01BCH.
Moreover, users can avail this service 24 hours a day, 365 days a year. They can start trading at Rakuten from today, via its android mobile app and iOS users will have to wait until September as the firm intends to announce the release of iOS app in early September.
To note, Rakuten is equivalent to Amazon, and reports reveal that its products in 2018 had served 1.2 billion individuals. Rakuten wallet is now a Japanese registered crypto exchange as it has completed registration as a virtual currency exchange company with the Kanto Local Finance Bureau applicable to Article 63-3 of the Payment Services Act on March 25, 2019.
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