Rakuten Group and its subsidiary Rakuten Wallet, Inc., have just launched their new mobile application that offers spot trading services for digital currencies. The virtual currencies supported are Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH). This is according to a press release recently published by the company.
Japanese Rakuten Group Launches Crypto Spot Exchange
The funds held by users on the wallet are going to be held on Rakuten Trust Co., Ltd, the trust company that works for the Rakuten Group. This would allow users to be sure their funds are secure against third party attacks.
At the same time, the funds are going to be stored in multi-sig cold wallets. This is one of the best ways of holding digital currencies considering the number of attacks that many platforms have experienced. Additionally, users will have to use two-factor authentication (2FA) in order to log in, withdraw money or dealing with their assets.
As mentioned before, the first three digital assets that are going to be backed by Rakuten Wallet include Bitcoin, Ethereum and Bitcoin Cash.
Users that want to open and manage an account would not have to pay for fees. That includes purchasing and selling digital currencies or depositing funds. However, withdrawals are paid. The current fee for fiat withdrawals is JPY 300. If users want to withdraw cryptocurrencies they will have to pay 0.001 BTC, 0.01 ETH or 0.01 BCH, depending on the virtual currency they are dealing with.
The plans to launch a cryptocurrency exchange were made public back in April. The firm purchased a local crypto exchange called Everybody’s Bitcoin in order to be able to operate in the Japanese market.
Users will have the possibility to start using the platform through the Android mobile application. Meanwhile, iOS users will have to wait some more weeks to be able to download the application. The firm is currently offering services to 1.2 billion individuals, meaning there is a large number of clients that could move to the crypto market.
Japan has a very regulated market for crypto-related companies to operate. At the end of 2017 and the beginning of 2018, different companies in the country experienced some issues with the funds they held. For example, the crypto exchange Coincheck lost $500 million worth of NEM (XEM) tokens. Due to this reason, the regulatory agencies in the country decided to take action and create clear rules for firms to operate in the country.
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