The Japanese Amazon Rakuten launches its own exchange
The Japanese Amazon Rakuten launches its own exchange

The Japanese Amazon Rakuten launches its own exchange

By Stefano Cavalli - 19 Aug 2019

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Rakuten Wallet Inc has just publicly announced the launch of an exchange where users can trade directly within a dedicated application.

For the time being, supported cryptocurrencies include bitcoin (BTC), ethereum (ETH) and bitcoin cash (BCH).

At the beginning of 2019, Rakuten had already announced that the company was working on the registration phase for new accounts dedicated to Rakuten Wallet.

Initially, it will be available only for Android, whereas the iOS version of the app will be released in the coming months. Customers’ funds will be kept in cold wallets to ensure maximum protection and to separate them from the corporate ones.

Private keys are managed through a multi-signature system and the 2FA (two-factor authentication) is required for access and withdrawal of money and cryptocurrencies.

Thanks to this new application, transactions can be executed 24 hours a day, 365 days a year and it is very easy to manage them through the Rakuten Wallet; there are also many features and real-time charts showing the trend of cryptocurrencies within the exchange.

Rakuten exchange: the fees

There are no costs for opening or managing a new account, nor for buying or selling cryptocurrency or for depositing money. It will be easier for those customers who already have a current account with Rakuten Bank to open an account with Rakuten Wallet by submitting their requests in the online application form.

  • Opening an account: free
  • Account management: free
  • Purchase/sale of cryptocurrencies: free
  • Yen deposit: free
  • Yen withdrawal: 300 JPY
  • Cryptocurrency deposits: free
  • Cryptocurrency withdrawals: BTC: 0.001; ETH: 0.01; BCH: 0.01

Rakuten Wallet began accepting registrations from Rakuten Bank’s customers as early as April for the use of the new exchange. Recently, the company also collaborated with CipherTrace concerning the anti-money laundering aspect.

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