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Rakuten sets up the cryptocurrency exchange

The Japanese e-commerce giant, Rakuten, has launched its own cryptocurrency exchange for spot trading. The announcement revealed that Rakuten's portfolio has become active for trading bitcoins (BTC), ether (ETH) and bitcoin cash (BCH).

These cryptocurrencies will be paired with the Japanese yen via the Android mobile app. The iOS version of the app will be released in the future, but no timeline has been provided.

Rakuten Trust to preserve customer funds

The company has ensured that customer funds held by the subsidiary will be managed separately from their own. Client funds will be archived with his trust company, Rakuten Trust, as well as through savings accounts at Rakuten Bank.

The Japan-based e-commerce adventure also points out that user-deposited encryptions will be stored in cold or offline stores. The measure will minimize the risk of hacking. To improve security, private keys are managed using a multisignature scheme. It also uses the two-step authentication required during login and withdrawals.

Transaction terms

Currently, there are no fees charged for making transactions or deposits, which are conducted in real time. This refers to 365 days a year excluded when maintenance occurs, says the company.

When transactions are picked up, Rakuten Wallet will charge 300 JYN (about $ 2.80). For cryptocurrency withdrawals, it will also be charged at (apparently slightly arbitrary) rates of; bitcoin at 0.001 BTC ($ 10.70). A 0.01 ETH ($ 2) for ether and bitcoin in cash at 0.01 BCH ($ 3.20), with correct conversions at the time of writing.

The lack of commission for the purchase and sale of cryptocurrencies also attracts users who make frequent transactions.

In March, Rakuten revealed his exchange plans, claiming he had obtained a license in Japan for his renamed entity. He was referring to the exchange as "Everybody's Bitcoin", acquired for $ 2.4 million in August 2018.

In May 2019, Rakuten collaborated with the blockchain analysis company CipherTrace. The goal is to help ensure regulatory compliance for the exchange.

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