E-Commerce Giant Rakuten Launched Its Own Crypto Exchange

E-commerce giant from Japan Rakuten announced in a press release published a day ago that they launched their own cryptocurrency exchange for the public to use as we are reading today in the coming altcoin news.

As confirmed in the press release, Rakuten marked a positive step in the infrastructure of the growing industry. The e-commerce giant made a huge crypto boom in 2018 when it acquired Everybody’s Bitcoin and spent more than $2.4 million on the crypto exchange. The deal has led to a lot of speculation about Rakuten’s involvement in the industry but later the rumors were shut down when the company revealed that it would be launching a crypto exchange later this year. Rakuten unveiled its new subsidiary wallet on Monday. As we can read from the release, the new application which will first be listed on the Google Play Store before the App Store will only support trading of three cryptocurrencies. The digital assets include Bitcoin, Bitcoin Cash, and Ethereum:

 “The app also features many useful functions that allow customers to effectively manage their crypto assets, such as confirmation of assets deposited in Rakuten Wallet, the purchase and sale of crypto assets, and real-time chart rate confirmation.”

According to the company, all of the wallets will be separating the crypto assets from the investors and from the company itself via trust accounts provided by the Rakuten Trust. With the crypto industry hack overload in Japan, this represents a good move to satisfy the financial services agency of the country. Rakuten Wallet is expected to make a boom on the market and according to the analyst Joseph Young, the company has a customer base of more than 1.2 billion individuals making it among the most important companies. The Rakuten Wallet is only expected to operate in Japan with a population of more than 130 million. The Japanese Yen accounts for more than 10% of all global bitcoin trading volume so as according to Young, the actual share that the Yen has of the crypto market is much larger because the Japanese exchanges are known for not inflating their volumes.

As noted in the latest cryptocurrency news, the country’s companies have long been known as adopters of new technologies and Rakuten wallet will only boost the adoption of cryptocurrency in the country.