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Rakuten, a retail giant in Japan recently launched a cryptocurrency exchange


Rakuten, a retail giant in Japan recently launched a cryptocurrency exchange

Rakuten, the e-commerce giant in Japan, sets a new benchmark in the Asian country. On Monday, 19th August 2019, the Japanese e-commerce giant did announce the launch of a new cryptocurrency trading. By the looks of it, the announcement came into being on Rakuten, a robust digital asset exchange platform.

The launch of Rakuten cryptocurrency exchange came into being in the middle of the registration process in the country. The cryptocurrency exchange came forward with a regulation process which took place in April.

The official announcement states that the Japanese cryptocurrency would initially support the spot trading with Bitcoin Cash, Ethereum and Bitcoin. One of the most exciting initiatives by Rakuten was that it would release the wallet on significant mobile platforms. Nevertheless, for now, only the Android user can access the cryptocurrency exchange by downloading it from Google’s Play Store.

Rakuten also said that the iOS version of the app is currently under development. It won’t take a lot of time to come up with an app for Apple’s iOS operating system. According to the company, the new wallet will be live and active in the iOS devices by the end of September.

As of now, the support for cryptocurrency such as Bitcoin Cash, Bitcoin & Ethereum is live on the network.

How can customers gain access to Rakuten wallet?

By the looks of it, the customers who already have an account with the Rakuten Bank can easily avail the cryptocurrency wallet. The customers have to enter the necessary information which incorporates on the application simply found online, according to the press release.

Back in August 2018, Rakuten did acquire the notorious Everybody’s Bitcoin by spending $2.4 million. The executives, on the other hand, said that the launch was going to happen one way or another by the end of this year. However, the progress was quite stalling.

The cryptocurrency ecosystem in Japan is getting better

Rakuten did join the massive expanding ecosystem of the cryptocurrency on the Japanese market. In addition to this, there will be significant competitors who are taking a shot at the cryptocurrency industry.

In the previous year, Tokyo came out with an announcement regarding the creation of the along cryptocurrency. SWIFT, on the other hand, the worldwide network for payment settlement gets that approval by the massive G7. On the other hand, the online broker group, Monex group did also acquire another cryptocurrency exchange platform. Monex group wants to join with Facebook’s forthcoming venture, namely, Libra.

On the other hand, there is a significant Japanese giant which details the security reason concerning the cryptocurrency platform. Rakuten will store the funds of the clients as well as the exchange funds, compartmentally. Additionally, the exchange will also keep the funds of the stored clients for avoiding the threats.

The platform said that it is taking the concerns related to cryptocurrency’s security very seriously. The exchange will introduce a two-step process for verification in terms of login, withdrawal, and deposit as well. Back in May 2019, Rakuten Wallet did partner with the security of the blockchain CipherTrace for integrating the solutions concerning anti-money solutions on the cryptocurrency exchange.

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Kshitij Chitransh