Rakuten releases mobile app for trading Bitcoin and other coins

Andrew Cummings
August 20, 2019

One of Japan's largest retail banks, Rakuten, has finally launched its very own cryptocurrency exchange in the country, joining the ranks of numerous institutional crypto investors to delve in the blockchain industry with gusto.

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. Currently, the trading is available via its android mobile app while it will go live on the iOS app shortly. The accounts are said to be provided by Rakuten Trust Co., Ltd., which will then move to savings accounts on Rakuten Bank, Ltd. According to the company, the app will allow customers to make transactions for crypto asset trading accounts, such as depositing/withdrawing Japanese yen and depositing/withdrawing crypto assets, 24 hours a day, 365 days a year.

Customers with a Rakuten Bank account can easily open a Rakuten Wallet account by entering the necessary details on the online application form. "Two-step authentication is also required when logging in, withdrawing money and withdrawing assets".

Also as reported, Rakuten is gearing up for a flurry of cryptocurrency-related activities - expanding on the scope of a forthcoming token launch and lobbying Tokyo for legislative reform. The company went on to state that the developers are now working on developing apps for both Android and iOS as well.

However, for fiat withdrawals, Rakuten Wallet will charge 300 JYN (around $2.80), and for crypto withdrawals it will charge at the (slightly arbitrary seeming) rates of: bitcoin at 0.001 BTC ($10.70), ether at 0.01 ETH ($2) and bitcoin cash at 0.01 BCH ($3.20), with conversions correct at time of writing.

The firm claims that it doesn't charge fees for its services including, opening or managing an account, purchasing or selling crypto asses or depositing money.

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