Rakuten Japan’s largest e-commerce launches cryptocurrency wallet

Rakuten, Japan’s largest e-commerce and among the world’s largest by sales, often referred to as ‘the Amazon of Japan’ announced today launch of its cryptocurrency wallet. Source: Rakuten’s press release report.

The wallet is currently available for Android smartphones and can be used to conduct spot trading of crypto assets. An iOS version is due for a release at a later date.

Using the mobile application, customers can create trading accounts in Rakuten ‘s wallet app and make transactions. The cryptocurrency wallet will support depositing/withdrawing of Japanese yen and depositing/withdrawing cryptocurrency assets – Bitcoin, Ethereum, and Bitcoin Cash.

As a security measure to ensure the safety of customers’ assets, all crypto assets owned by customers will be stored in an environment isolated from the internet, known as the “cold wallet,” and private keys managed through a multi-signature scheme. Two-step authentication is also required when logging in and for making the transaction.

Additionally, for transparency, the company funds will be deposited in a Rakuten Trust Co., Ltd. wallet. Crypto assets owned by Rakuten cryptocurrency wallet and customers will be physically separated and managed.

As per the press release, there will be no fees for opening or managing an account, purchasing or selling crypto assets, or depositing money, however, withdrawals may be charged for Japanese Yen – JPY 300, BTC: 0.001 / ETH: 0.01 / BCH: 0.01.

The company also operates Japan’s biggest Internet bank and number one credit card company by transaction value. In combined services offered by e-commerce, fintech, digital content and communications have a span of over one billion users around the world and operates in 30 countries and regions.