Rakuten Launches Crypto Trading Platform with 3 Listings

Bakkt Bitcoin

Bakkt Bitcoin

Japanese e-commerce giant Rakuten Inc. has launched a cryptocurrency exchange after first being rumored to be doing so in February.

Rakuten Wallet, a subsidiary of Japanese e-commerce company Rakuten, is set to release a mobile app offering the ability to buy and trade three cryptocurrencies. The app will initially be released on Android, with an iOS version due to be released at a later date.

Rakuten is expected to focus on security of its platform and user funds by integrating efficient safeguards to provide a safe ecosystem for local retail cryptocurrency investors. 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", the Rakuten team said. These accounts are provided by Rakuten Trust Co., Ltd., the group's trust company.

The app will be available to users "24 hours a day, 365 days a year", and contains features such as real-time chart rate confirmation.

Rakuten went on to add that there are no fees for opening or managing an account, purchasing or selling crypto assets, or depositing money. It has also adopted two-step authentication to prevent unauthorized use. However, there is a JPY 300 fee for withdrawing Japanese Yen and there are small fees for withdrawal of cryptoassets (Bitcoin: 0.001 BTC; Ether: 0.01 ETH; Bitcoin Cash: 0.01 BCH).

Behind the U.S., Japan remains the second-largest cryptocurrency exchange market ahead of other major markets in the likes of South Korea and Europe.