Rakuten wallet exchange launched with BTC, ETH and BCH

Rakuten Wallet, the official cryptocurrency wallet and a subsidiary of Rakuten Inc. the Japanese retail giant, announced on August 19 that it has launched the much awaited Rakuten wallet exchange which offers spot trading services for cryptocurrencies. The company had finished registration on 26 March 2019 with the Kanto Local Bureau and will be operating as a virtual currency exchange service provider.

From Everybody’s Bitcoin to Rakuten Wallet

Formerly known as Everybody’s Bitcoin, which was later acquired by Rakuten, the press release stated that the wallet will be keeping the customer assets separate from the company assets. The assets will be managed by the trust accounts provided by Rakuten Trust Co. a part of the Rakuten group. Rakuten trust manages those trust assets through Rakuten Bank Ltd. savings accounts. All the cryptocurrencies will be stored in multi-signature cold wallets and apart from all this further security is ensured by using two-factor authentication (2FA) which is mandatory while logging in, withdrawing money and withdrawing assets as well.

Limited features, enhanced security

Currently, the mobile application is still a work in progress and will be eventually released for IOS and Android. The exchange supports three crypto-assets as of now: Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH). There are no fees for opening and managing the account, purchasing or selling cryptocurrencies or depositing money. There is however a small fee of JPY 300 for withdrawing in Japanese Yen and some minor fees for withdrawing crypto assets (Bitcoin: 0.001 BTC; Ether: 0.01 ETH; Bitcoin Cash: 0.01 BCH).

The press release also mentioned that:

“Customers who already have a bank account with Rakuten Bank will be able to easily open a Rakuten Wallet account simply by entering the required information on the online application form.”

The exchange is now a part of the vast and ever-evolving Japanese crypto market with a lot of competition.  Further details about the release and development of the mobile application is said to be announced somewhere around September.