‘Amazon of Japan’ Launches Cryptocurrency Spot Trading Service

Rakuten Wallet is launching a spot trading service for crypto assets.

In a press release, the Japanese company unveiled the Rakuten Wallet smartphone app, which will allow users to purchase and sell crypto assets 24/7.

Rakuten was founded in 1997 and is considered to be the world’s fourth-largest e-commerce company behind eBay, Alibaba and Amazon. Today, the company reports that it has almost 1.3 billion members worldwide.

The company says the security of the new app is its top priority. Customer funds are stored in cold wallets to keep potential hackers at bay.

“We manage money (customer assets) deposited by customers separately from Rakuten Wallet’s own assets and manage them in Rakuten Trust’s trust account. The trust assets are managed separately by Rakuten Bank’s bank account, and customer assets are managed.

In addition, we secure the security of our customers’ assets by storing all the cryptographic assets we receive from them in a ‘cold wallet’ that is managed in an offline environment isolated from the Internet.”

Rakuten also plans to use two-step authentication.

The app is offering Japanese yen pairings with Bitcoin, Ethereum and Bitcoin Cash.

 

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