Japanese e-commerce giant Rakuten has officially entered the cryptocurrency scene with the launch of its new spot trading service.
Dubbed Rakuten Wallet, users can begin spot trading crypto assets through a mobile app; launched initially on Android, the firm is aiming to release an iOS version in “early September.”
Users will be able to trade with three types of crypto assets: Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH).
Rakuten Wallet separates money deposited by customers (customer assets) from the company’s own funds, managing the assets (trust maintenance) in trust accounts.
This is expected to provide customers with a safer and more secure crypto asset transaction service.
Furthermore, a “number of security methods” have been implemented to ensure the safety of customers’ assets.
An example of this came with Blockchain security company CipherTrace who were brought onboard to validate anti-money laundering (AML) compliance.
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.
To further increase security, two-step authentication is also required when logging in, withdrawing money and withdrawing assets.
Speaking to Payment Expert, Simon Taylor, advisory council member at Global Digital Finance, praised Japan’s attitude and regulatory stance on crypto assests.
He said: “What I find really interesting is imagine if this wasn’t Rakuten? Imagine if this was its American counterpart Amazon.
“Launching the wallet shows how Japan is realising the opportunity and is showing where regulatory certainty can lead.”
David Kicks, co-founder of Moneybite.com, echoed Simon’s thoughts and believes “the world deserves a better form of money.”
He told Payment Expert: “I am very pleased when I learn that big trusted entities such as Rakuten are offering a compelling proposition for the wider audience.
“The next phase of growth for our nascent industry is happening, and anything along these lines must be considered as grist to the mill.
“The world deserves a better form of money, and the race has begun in earnest to overcome objections and demonstrate the how and the why. “