Tokyo-based commerce and internet company, Rakuten group’s subsidiary, Rakuten wallet, announced via a blog post on August 19, regarding the launch of an app-based spot trading service for crypto assets. Rakuten wallet says that the service will enable users to spot trade crypto assets operating on a mobile app.
The Japanese firm announced that the platform would initially be released on the Play Store, with an iOS version to be released later on. Furthermore, Rakuten wallet says that the firm has taken measures to make the transactions more secure for its users.
Rakuten wallet Inc. in the blog post stated –
“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.”
Adding to the security aspects, Rakuten in the blog post highlighted that, to enhance the security standards, the wallet isolates the customer’s funds from the internet and stores it in a deserted environment called the “cold wallet.” Users will have to go through a two-step verification process while logging in and withdrawing. The private keys will also be handled through a multisignature.
The app enables trading in three crypto-assets, namely, Bitcoin, Bitcoin Cash, and Ethereum. Users can also benefit from the services that will help them manage their assets efficiently, the blog post stated.
Rakuten concluded by stating that users will not be charged a fee to open and manage an account, sell and buy crypto assets and deposit money. However, users are charged a fee on withdrawal of fiat and crypto-assets.
Earlier this year, Rakuten announced a significant update in their mobile app that features payments in cryptocurrency in addition to fiat money. The report reveals its earnings performance for the fourth quarter and full year of 2018 and also highlights that the pay mobile app’s new version will highlight a modified platform that would possibly accept ‘all payment solutions.’