Rakuten Wallet Inc., a crypto asset exchange business, has announced a cryptocurrency spot trading service on its wallet which supports Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH). The firm is a subsidiary of Rakuten Group, an e-commerce giant based in Japan. It launched in the cryptocurrency space earlier this year with Rakuten Wallet, a cryptocurrency exchange.
The firm has just revealed its new spot trading service on a mobile app. Users can therefore “conduct spot trading of crypto assets through a dedicated smartphone app”. The app will be launched on Android devices first, followed by an iOS version on a later date.
The firm has also clarified the security measures that will protect users’ funds and information. The Wallet separates customer’s assets from the firm’s own funds, managing the assets in trust accounts. These accounts are provided by Rakuten Trust Co., Ltd., the group’s trust company. Furthermore, users’ assets will be stored in ‘cold wallets’ which are isolated from the Internet. They require a private key, and all wallets have a two-step authentication process.
The app will be available to users “24 hours a day, 365 days a year”, and contains features such as real-time chart rate confirmation. Importantly, there are no fees for opening an account, purchasing or selling crypto assets, or depositing money. However, there are fees for withdrawing crypto assets or Japanese yens. These are 0.01 ETH and JPY 300 respectively.