Rakuten Expands Cryptocurrency Operations, Launches Crypto Exchange | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
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,