Rakuten Group, the largest e-commerce company in Japan, launched a crypto wallet in 2017 via Rakuten Wallet Inc, a subsidiary of the online giant. The company has announced the launch of an exchange, allowing users to trade in BTC, ETH, and BCH using a mobile wallet for Android. The iOS app will be launched in the near future, August 19, 2019.
From Wallet Provider to Exchange
Assets of customers are managed via a dedicated trust company. This design is integral to their internal security model to offer customers a high standard of security while maintaining internal checks and balances.
The assets on the trust are secured via cold storage, so users can be assured their funds are relatively safe, compared to a lot of exchanges that keep a portion of funds on a hot wallet. Private keys are managed through a multi-sig contract and all customers are required to enable Two Factor Authentication (2FA).
Deposits and withdrawals in Japanese Yen are processed 24/7, 365 days a year, assuring customers access to their funds at any time, except in times of maintenance.
Going forward, Rakuten is determined to add more crypto assets to turn their new exchange into a robust marketplace.
As per the fee structure for the exchange, ¥300 will be charged for fiat withdrawals, .001 BTC, .01 ETH, and .01 BCH for withdrawing cryptocurrency to another wallet.
Tech Giants Could Fuel Crypto Usage
The entrance of a giant like Rakuten has had a profound effect on blockchain and cryptocurrency adoption in Japan. Similarly, many expect Libra – if it’s launched – to help induce more financial inclusion on a global level.
Crypto focused companies like Coinbase, Bitrefill, and Purse.io are also helping people spend their cryptocurrency, but companies with a large existing user base can propel the industry forward like nothing else.
Facebook has almost two billion users; if every Facebook user opened a Libra account, and Libra got listed on exchanges, these users would have the ability to pay each other in a stable currency with the Libra token, but it also opens the gateway to Bitcoin and other decentralized currencies.