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Rakuten launches its own exchange for crypto spot trading

Aug 21, 2019, 9:54 am

A Japanese e-commerce giant has introduced spot trading services for digital assets. The exchange has been launched under the company’s Rakuten Wallet Inc. division with spot trading via a mobile app for three cryptocurrencies: bitcoin, Ethereum and Bitcoin Cash.

The firm announced customer funds held by the subsidiary would be managed separately from its own, under the eye of its trust company it also stresses that users’ deposited cryptos will be held in the cold, or offline, storage to minimize the risk of hacking.

Rakuten said in a statement :

Going forward, Rakuten Wallet aims to expand its lineup of services further to provide customers with secure and convenient transaction services. – Rakuten

The company noted that customers who have a bank account with Rakuten Bank would be able to open a Rakuten Wallet account quickly and efficiently while those with no Rakuten Bank account cannot currently use the service.

The firm also announced to charge no fees for making trades or deposits, which are conducted 365 days a year in real-time. Currently, Rakuten has 1.3 billion customers worldwide offering a wealth of opportunity for the company in both promotions of the new service as well as the potential to sign up millions of users as well.

This isn’t Rakuten’s first involvement in cryptocurrency; the company has accepted bitcoin as a payment method since 2015. However, at present, the service launches for Android app only, but the company is in plans to release an iOS version in September.

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