Rakuten Wallet to Facilitate Spot Trading Services for Cryptocurrencies

Rakuten Crypto Services

Rakuten Wallet – a subsidiary of the Japanese conglomerate Rakuten Group – announced in an official press release that the company is moving a step further to the crypto market with a new spot trading services for cryptocurrency assets.

The service will allow users to trade cryptocurrencies through a dedicated smartphone app developed by the firm. The application will be first launched for Android devices and the iOS version of the application will be released later on this year. Rakuten Wallet Inc. is aiming to ease the process of crypto trading with these new exchange services. Rakuten Wallet will provide trading services for three cryptocurrencies: Bitcoin(BTC)trade, Ethereum (ETH)trade and Bitcoin Cash (BCH).

Furthermore, the company is planning to hold the customers’ fund separately from the company’s account. As mentioned in the press release, the funds will be stored in trust accounts of Rakuten Trust the financial trust company of Rakuten Group. The funds will be managed by Rakuten Bank savings accounts.

Since security in the crypto industry has become a major issue, the company is also planning to take some serious security measurements. To achieve optimum security, Rakuten Wallet will hold the customers’ crypto funds in cold wallets or in an offline storage facility. The private keys will also be managed by the facility which is only accessible by two-factor authentication service for logging in, and through a multi-signature scheme. Moreover, the company has also partnered with the Silicon Valley-based cybersecurity firm CipherTrace to ensure the company’s compliance with global regulations and to enhance some of its safety features.

According to the press release, customers can conduct crypto transactions such as withdrawing and depositing the Japanese Yen and cryptocurrencies whenever they want via the app. The application also has numerous features that allow customers to have total control over their crypto assets.

Account opening & management, depositing Japanese Yen and crypto are free while the withdrawal of JPY can cost 300 JPY (around $3). For crypto withdrawals, the wallet will charge 0.001 BTC for Bitcoin, 0.01 ETH for Ethereum and 0.01 BCH for Bitcoin Cash.

The customers who have a Rakuten Bank account can easily access the Rakuten Wallet account with the required credentials on the online application form.

Rakuten Group is a major Japanese conglomerate operating several paramount businesses in the electronic commerce and internet domains The company started cryptocurrency exchange services on March 30, 2017, with Rakuten Wallet. Rakuten Group has already previously acquired the crypto exchange “Everybody’s Bitcoin” and thence entered the crypto sphere.

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