Crypto Exchanges

Japanese Rakuten officially launches its new cryptocurrency exchange: Rakuten Wallet.

Rakuten officially launches its new cryptocurrency exchange Rakuten Wallet.

The Japanese cryptocurrency exchange Rakuten Wallet has launched trading one year after the acquisition of “Everybody’s Bitcoin”. The news was confirmed in a press release on August 19.

Rakuten Wallet starts with three trading pairs.

Today Rakuten Wallet, a subsidiary of the Japanese e-commerce giant Rakuten, launched a spot trading service for three different cryptocurrencies – Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH).

Rakuten Wallet users can trade with crypto assets via a special smartphone app. The app will initially be released on Android, with an iOS version that will be released later.

To provide customers with safe and secure crypto asset transaction services, Rakuten Wallet separates funds deposited by customers from the company’s equity. The management of these funds is processed in trust accounts provided by Rakuten Trust Co., Ltd. , the trust company of Rakuten Group.

In addition, a number of security methods have been implemented to ensure the safety of customers’ assets. All crypto assets of customers are stored in an environment that is isolated from the internet, the so-called “cold wallet”, and the private keys are managed via a multi-signature scheme. Two-step authentication is also required when logging in, withdrawing money and withdrawing assets.

Rakuten, Inc., known for its sponsorship agreements with FC Barcelona and the Golden State Warriors, received a license for the cryptocurrency exchange from the Japanese Financial Service Agency earlier this year.

It was reported last April that Rakuten Wallet had already started accepting account registrations for its new cryptocurrency exchange,

Customers who already have a bank account at Rakuten Bank or customers who already have a Rakuten Member ID can easily sign up for a free Rakuten Wallet account.

Rakuten Wallet was previously known as “Everybody’s Bitcoin”, a crypto exchange that Rakuten took over last August for $2.4 million. A rebranding of the Rakuten entity took place on March 1, when the older service was closed.

Rakuten executives originally announced the launch of the cryptocurrency exchange in April this year, but progress seemed to be stagnating.

The crypto exchange joins a fast-growing ecosystem on the Japanese market, with multiple competitors competing for part of the domestic cryptocurrency trade.

Last month, Tokyo announced that it wanted to create a cryptocurrency-based analogue to SWIFT, the global payment settlement network, in a step that was subsequently approved by the G7.

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