Japanese Investors Can Now Do Spot Trading on e-Comm Giant Rakuten’s Crypto Exchange
August 19th, 2019
Japanese e-commerce giant, Rakuten has launched its crypto exchange services to the public. The company made this known via an official announcement on Monday in which it was revealed that it is now offering a spot trading service on a dedicated Android app.
The app will allow customers to make transactions including depositing and withdrawing Japanese yen and crypto assets easily. At the moment, only three crypto-assets can be traded on the exchange app. These include Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH). The exchange app, according to the official announcement, does not charge any fees for depositing of cash, purchasing and selling of crypto assets, as well as opening and managing an exchange account.
An Android version of the app will initially be released and an iOS version will be launched later. The company has planned to make an announcement about its iOS app launch in early September.
Rakuten Trust, an arm of Rakuten Group which secures the company’s funds will, through the Rakuten bank, secure the exchange’s funds in a manner which separates customer’s funds from the company’s own funds. The exchange has also implemented 2-factor authentication for withdrawing money and crypto-assets. This is in line with the vision to provide customers of the crypto exchange with secure crypto assets transaction experiences. Also, the exchange also recently partnered with blockchain security firm CipherTrace for anti-money laundering protections.
Looking back, Rakuten Group, in April announced the opening of their Rakuten wallet. At the time, registration was only open to Rakuten bank clients.