Rakuten Sets Up Cryptocurrency Exchange

Japanese e-commerce giant, Rakuten, has launched its own crypto exchange for spot trading. The announcement revealed Rakuten’s wallet has gone live for trading in bitcoin (BTC), ether (ETH) and bitcoin cash (BCH).

These cryptocurrencies will be paired against the Japanese yen through the Android mobile app. The iOS version of the app is due to be released in the future, but no set timeline was provided.

Rakuten Trust to store customer funds

The firm assured that customer funds held by the subsidiary will be managed separately from its own. Customer funds will be stored with its trust company, Rakuten Trust, as well as through savings accounts at Rakuten Bank.

The Japan-based e-commerce venture further stresses that users’ deposited cryptos will be held in cold or offline storage. The measure will minimize the risk of hacking. To enhance security, private keys are managed using a multisignature scheme. It also uses the two-step authentication required when signing in and making…