Rakuten crypto exchange is now live

Bitcoin has increased over $1,000 since news of Bakkt’s futures contracts

Also as reported, Rakuten is gearing up for a flurry of cryptocurrency-related activities - expanding on the scope of a forthcoming token launch and lobbying Tokyo for legislative reform.

Rakuten, Japan's retail giant, has officially launched a spot trading service for crypto assets through its subsidiary Rakuten Wallet, according to apress release August 19.

Japanese e-commerce giant Rakuten has launched its own exchange for crypto spot trading.

Rakuten also noted through the smartphone app, customers can make transactions for crypto asset trading accounts, such as depositing/withdrawing Japanese yen and depositing/withdrawing crypto assets. Other useful functions of the app include confirmation of assets deposited in Rakuten Wallet, the purchase and sale of crypto assets, and real-time chart rate confirmation. Interestingly, the new exchange will in a bid to promote adoption not collect any fees for opening or managing an account, as well as transactions at the moment.

The company notes that customers who have a bank account with Rakuten Bank will be able to easily open a Rakuten Wallet account and seemingly those without a Rakuten Bank account cannot now use the service. And finally, two-factor authentication (2FA) is mandatory "when logging in, withdrawing money and withdrawing assets". The Rakuten Wallet will provide trading services for three cryptocurrencies: Bitcoin, Ethereum and Bitcoin Cash. The company went on to state that the developers are now working on developing apps for both Android and iOS as well. The company, however, assured that the iOS version of Rakuten Wallet is under development and will hit the market as soon as September 2019.

In May, Rakuten Wallet partnered with blockchain security company CipherTrace to ensure anti-money laundering (AML) compliance.

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