Spot Trading Services For Cryptocurrencies Launched By Rakuten Wallet

News | August 20, 2019 By:

Rakuten Wallet, a consolidated subsidiary of Japanese e-commerce giant Rakuten, has launched a spot trading service for cryptocurrencies.

In August 2018, Rakuten acquired Japanese crypto exchange Everybody’s Bitcoin for 265 million yen ($2.4M USD), and changed its trading name to Rakuten Wallet earlier this year. Rakuten Wallet is part of the e-commerce giant’s new payments subsidiary, Rakuten Payment, which previously acted as a base for the company’s loyalty program.

In a press release, Rakuten Wallet announced that users can now conduct spot trading of crypto assets through a dedicated smartphone app, which is currently available on Android devices with an iOS version due to be released at a later date. According to the company, the app will allow customers to make transactions for crypto asset trading accounts, such as depositing/withdrawing Japanese yen and depositing/withdrawing crypto assets, 24 hours a day, 365 days a year. The app also features other useful functions, such as confirmation of assets deposited in Rakuten Wallet, the purchase and sale of crypto assets, and real-time chart rate confirmation.

“Three types of crypto assets can be traded: Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH),” Rakuten Wallet said. “There are no fees for opening or managing an account, purchasing or selling crypto assets, or depositing money. Customers who already have a bank account with Rakuten Bank will be able to easily open a Rakuten Wallet account simply by entering the required information on the online application form.”

Rakuten Wallet said that in order to ensure the security of crypto asset transaction services, it will seperate money deposited by customers from the company’s own funds.

“All crypto assets owned by customers are stored in an environment isolated from the internet, known as the “cold wallet,” and private keys are managed through a multisignature scheme,” Rakuten Wallet said. “Two-step authentication is also required when logging in, withdrawing money and withdrawing assets.”