Rakuten Wallet launches spot trading app for crypto assets

  • The virtual currency exchange business, Rakuten Wallet Inc. announced that it is launching a smartphone app in which users can conduct spot trading of crypto assets.

    The app will initially be released on Android, with an announcement about the iOS version planned to be made in early September.

    Rakuten Wallet is a consolidated subsidiary of the Tokyo-based Rakuten Group. It separates money deposited by customers from the company’s own funds by managing the customer assets in trust accounts provided by Rakuten Trust Co. Ltd. The assets are then managed through Rakuten Bank saving accounts.

    The Rakuten group have implemented a number of safety methods to ensure customer safety. All customers’ crypto assets are stored in an environment isolated from the internet, known as the “cold wallet”, and private keys are handled through a multi-signature scheme. Two-step authentication is also required when logging in, withdrawing money and withdrawing assets.

    Through the app, customers can make transactions for crypto asset trading accounts, such as depositing and withdrawing crypto assets, 24 hours a day, all year round. The app also features many useful functions that allow customers to effectively manage their crypto assets, such as confirmation of assets deposited in Rakuten Wallet, the purchase and sale of crypto assets, and real-time chart rate confirmation. Customers can also withdraw and deposit Japanese yen. The app is required for depositing/withdrawing money, depositing/withdrawing crypto assets, and making transactions from an account.

    Three types of crypto assets can be traded: Bitcoin, Ethereum and Bitcoin Cash. There are no fees for opening or managing an account, purchasing or selling crypto assets, or depositing money. 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.

    Going forward, Rakuten Wallet aims to further expand its line-up of services to provide customers with secure and convenient transaction services.


    Source: Written from press release. Photo (c) gold_bitcoin_cryptocurrency

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    Niamh is a Sync NI writer with a previous background of working in FinTech and financial crime. She has a special interest in sports and emerging technologies. To connect with Niamh, feel free to send her an email or connect on Twitter.

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