Japanese Rakuten Wallet Offers Crypto Exchange Services

Asia Blockchain Review
August 24, 2019
Japanese Rakuten Wallet Offers Crypto Exchange Services

Rakuten, Japan’s largest e-commerce company and one of the largest digital marketplaces in the world, has introduced crypto trading services after it acquired Everybody’s Bitcoin for 265 million yen (approx. US$2.4 million at the time of purchase) in August 2018, rebranding it as Rakuten Wallet.

Japanese e-Commerce Giant Launches Crypto Trading  

Since Rakuten acquired Everybody’s Bitcoin, the e-commerce firm revealed that the move was intended to enhance the services provided via its fintech projects. The exchange was rebranded as Rakuten Wallet earlier this year.

According to a Cointelegraph report, Rakuten Wallet announced in an August 19th press release that it now offers three cryptocurrencies for spot trading on its platform: Bitcoin (BTC), Bitcoin Cash (BCH), and Ether (ETH). 

The company also revealed its plan to introduce a mobile application for both iOS and Android devices which will allow users to make deposits and withdrawals. Rakuten Wallet will be integrated with Rakuten Bank, an existing service provided by the e-commerce giant.

“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,” the press release stated.

Japan’s Growing Interest in Crypto 

Rakuten has been exploring other opportunities that could be enabled by blockchain, initiating distributed ledger technology research aimed at developing platforms for payment systems and introducing a loyalty program powered by blockchain technology called Rakuten Coin.

The Japanese ecosystem that revolves around cryptocurrency is quickly expanding, with new players emerging with high hopes to tap into the country’s growing cryptocurrency trade.

In July, a Japanese government agency recently announced its intention to develop a cryptocurrency-based system similar to SWIFT — the interbank payment settlement network currently in use among financial institutions worldwide. 

Source: https://cointelegraph.com

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Infinito: Heralding the Rise of Digital Wallets in SEA
    Infinito, a digital wallet operator in SEA, is in a prime position to capitalize on the impending ri...

    February 26, 2020

    Earn while You Sleep with Crypto Staking
    As the crypto-driven revolution continues to take the financial world by storm, the crypto sector ha...

    February 25, 2020

    pitchIN: Leading the Way for Crowdfunding in Malaysia
    When it comes to the crowdfunding space in SEA, a name which rings a bell with most industry players...

    February 18, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us