Leveraging synergies within the Rakuten Group for safer management of customer assets through separation of management by Rakuten Trust
Tokyo, August 19, 2019 – Rakuten Wallet, Inc., a
consolidated subsidiary of Rakuten Group and operator of a crypto asset
(virtual currency) exchange business, announced that today it has
launched a spot trading service for crypto assets in which users can
conduct spot trading of crypto assets through a dedicated smartphone app*1. The app will initially be released on Android, with an iOS version due to be released at a later date.
In order to provide customers with safe and secure crypto asset transaction services, Rakuten Wallet separates money deposited by customers (customer assets) from the company’s own funds, managing the assets (trust maintenance) in trust accounts provided by Rakuten Trust Co., Ltd., the trust company of Rakuten Group. Rakuten Trust manages those trust assets through Rakuten Bank, Ltd. savings accounts.
Additionally, a number of security methods have been implemented to ensure the safety of customers’ assets. All crypto assets owned by customers are stored in an environment isolated from the internet, known as the “cold wallet,” and private keys are managed through a multisignature scheme. Two-step authentication is also required when logging in, withdrawing money and withdrawing assets.
Through the smartphone app, customers can make transactions for crypto asset trading accounts, such as depositing/withdrawing Japanese yen and depositing/withdrawing crypto assets, 24 hours a day, 365 days a year*2. 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*3. Three types of crypto assets can be traded: Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH). There are no fees for opening or managing an account, purchasing or selling crypto assets, or depositing money. 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.
Going forward, Rakuten Wallet aims to further expand its lineup of services to provide customers with secure and convenient transaction services.
*1 An announcement about the release of the iOS app is planned to be made in early September.
*2 Excluding maintenance times.
*3 The smartphone app is required for depositing/withdrawing money, depositing/withdrawing crypto assets, and making transactions from an account.
Service name: Rakuten Wallet
Service launch date: Monday, August 19, 2019
Assets handled: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH)
- Money deposited by customers is managed separately from Rakuten Wallet’s own funds in a Rakuten Trust Co., Ltd. trust account. Crypto assets owned by Rakuten Wallet and customers are physically separated and managed, and cryptographic assets owned by customers are managed with cold wallets.
- Two-step authentication has been adopted to prevent unauthorized use. Two-step authentication is required when logging in, withdrawing money and withdrawing assets.
Smartphone app: Customers can make transactions for crypto asset trading accounts, such as depositing/withdrawing Japanese yen and depositing/withdrawing crypto assets, 24 hours a day, 365 days a year. Details about the app and download URLs can be found here: https://www.rakuten-wallet.co.jp/service/app_wallet.html
・Account opening – Free
・Account management – Free
・Purchase/sale of crypto assets – Free
・Deposits of Japanese Yen – Free
・Withdrawals of Japanese Yen – JPY 300
・Deposits of crypto assets – Free
・Withdrawals of crypto assets – BTC: 0.001 / ETH: 0.01 / BCH: 0.01
About Rakuten Wallet
Rakuten Wallet, Inc. started a virtual currency exchange service on March 30, 2017. On September 7, 2017, Rakuten Wallet submitted an application for registration to be a “virtual currency exchange service provider” to the Kanto Local Finance Bureau, pursuant to Article 63-3 of the Payment Services Act. Rakuten Wallet completed registration as a “virtual currency exchange company” with the Kanto Local Finance Bureau, based on the Payment Services Act, on March 25, 2019. The company, formerly known as “everybody’s bitcoin Inc.,” changed its name to “Rakuten Wallet, Inc.” on March 1, 2019. Rakuten Wallet started accepting applications for accounts on April 15, 2019 for its crypto asset (virtual currency) trading service and started offering crypto asset (virtual currency) spot trading services on August 19, 2019.
*Please note that the information contained in press releases is current as of the date of release.
image by Shutterstock