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Rakuten's cryptocurrency exchange

2 min reading

After many months of declarations, the Japanese e-commerce giant, Rakuten, has finally launched its cryptocurrency exchange.

Details of the exchange

Rakuten's newest project, Rakuten Wallet, has launched today. It can hold Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH). They can be exchanged for Japanese yens in Android application. iOS version will soon appear, but no date has been announced yet. Customer funds will be stored by an external entity, under the watchful eye of Rakuten. Rakuten Bank will take care of the cash. The Japanese emphasize that cryptocurrencies supported on the exchange are kept in cold wallets or offline wallets to minimize the risk of hacking. For additional security, double authentication will be introduced. The exchange will not charge the exchange of the tokens and deposits. Additionally, transactions can be made in real-time.

Long-announced activities of the company

In March, Rakuten had revealed its plans to launch a cryptocurrency exchange. It was then that the company had received a special license for this type of activity in Japan. In addition, is had previously taken over the Everybody's Bitcoin exchange in August 2018. In April, Rakuten had announced the start of the registration and informed of the exchange's planned launch. The requirements were a bank account and Rakuten account. The first launch of the Rakuten's cryptocurrency exchange was planned for June this year, but it has been postponed to August.
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