Rakuten Wallet launches crypto spot trading service and Android app

Rakuten Wallet, a subsidiary of Japanese e-commerce giant Rakuten, today announced the launch of spot trading service and its Android app.

Rakuten acquired Everybody’s Bitcoin in August 2018 for 265 million yen. It later renamed the cryptocurrency exchange as “Rakuten Wallet.”

According to the official announcement, Rakuten Wallet users can now download the smartphone app and buy and sell crypto assets as well as deposit and withdraw Japanese yen. Other useful functions of the app include confirmation of assets deposited in Rakuten Wallet, the purchase and sale of crypto assets, and real-time chart rate confirmation.

At the time of launch, Rakuten Wallet allows spot trading in Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH).

“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,” the press release reads.

To ensure the security of crypto asset transaction services, Rakuten Wallet said that crypto assets owned by Rakuten Wallet and customers are physically separated and managed, and cryptographic assets owned by customers are managed with cold wallets. It has also adopted two-step authentication to prevent unauthorized use.

In May, Rakuten Wallet partnered with blockchain security company CipherTrace to ensure anti-money laundering (AML) compliance.

“Going forward, Rakuten Wallet aims to further expand its lineup of services to provide customers with secure and convenient transaction services,” it added.

The company said that it plans to make an announcement about the release of the iOS app in early September.

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