Japan’s Retail Giant Rakuten Officially Launches Crypto Exchange
Three cryptocurrencies are now available for spot trading, with a smartphone app set to follow.
Japanese cryptocurrency exchange Rakuten Wallet has launched trading a year after acquiring Everybody’s Bitcoin.
Three trading pairs go live
Confirmed in a press release on Aug. 19, Rakuten Wallet, which is a subsidiary of Japanese e-commerce giant Rakuten, said spot trading of three cryptocurrencies — Bitcoin (BTC), Ether (ETH) and Bitcoin Cash (BCH) — was now live.
In future, developers plan to release an app for iOS and Android, use of which will be mandatory for deposits and withdrawals.
“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 added.
Japan’s cryptocurrency ecosystem growing rapidly
The exchange joins a rapidly expanding ecosystem on the Japanese market, with multiple competitors vying for a slice of the domestic cryptocurrency trade.
Last month, Tokyo announced it wished to create a cryptocurrency-based analog to SWIFT, the global payment settlement network, in a move subsequently approved by the G7.