Rakuten Wallet launches spot trading services for crypto assets

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Rakuten Wallet Inc, a consolidated subsidiary of Rakuten Group and operator of a crypto asset (virtual currency) exchange business, has launched a spot trading service for crypto assets in which users can conduct spot trading of crypto assets through a dedicated smartphone app. The app will initially be released on Android, with an iOS version due to be released at a later date.

In order to provide customers with safe and secure crypto asset transaction services, Rakuten Wallet separates money deposited by customers (customer assets) from the company’s own funds, managing the assets (trust maintenance) in trust accounts provided by Rakuten Trust Co Ltd, the trust company of Rakuten Group. Rakuten Trust manages those trust assets through Rakuten Bank Ltd savings accounts.

Additionally, a number of security methods have been implemented to ensure the safety of customers’ assets. All crypto assets owned by customers are stored in an environment isolated from the internet, known as the “cold wallet,” and private keys are managed through a multisignature scheme. Two-step authentication is also required when logging in, withdrawing money and withdrawing assets.

Through the smartphone app, customers can 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. 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. Three types of crypto assets can be traded: 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.