Rakuten Officially Launches its Crypto Exchange in Japan

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A long time ago, Rakuten made a crucial announcement. The e-commerce giant expressed its interest in cryptocurrencies. To support this ecosystem, the company claimed it would launch an official exchange. Fast forward to this week, and that trading platform has finally gone live. 

Rakuten Wallet has Arrived

It is noteworthy to keep an eye on what Rakuten is doing. Cryptocurrencies are a lot more popular in Japan compared to other countries. Japan is also one of the few countries maintaining strict licensing requirements for such trading platforms. In doing so, the government validates Bitcoin and altcoins as viable investments.

Rakuten’s exchange venture will go by the name of Rakuten Wallet. Although initially slated to launch in June, the platform is open for business. As the name suggests, this is a wallet and trading service rolled into one. Support will be limited at first, but things will continue to improve as more time progresses. 

Focus on Japanese Android Users

Getting a cryptocurrency app approved by Apple is no easy feat. This process can take weeks, if not months. It is for this reason Rakuten decided to launch its Android app first. Japanese users can obtain the application from official sources. To this date, there is only support for the Japanese language. No official information regarding localization has been provided as of yet. 

If everything goes according to plan, Rakuten Wallet will arrive on iOS in September 2019. An exact date was not communicated, for obvious reasons. Both platforms will enjoy the same functionality and security. By launching on Android first, the company can gauge how popular their app will prove to be. Given sufficient downloads, this may become one of the more popular crypto trading offerings in the mobile space today. 

Limited Trading Functionality

Every time a new trading solution launches, very few coins will be supported. In the case of Rakuten Wallet, that situation is no different. Just three trading markets will receive support from day one. Bitcoin, Ethereum, and Bitcoin Cash are the supported assets for the foreseeable future. It is a brief list, but they will all receive JPY-based trading options. Depositing any of these currencies will be free of charge, according to the press release

Most of the Features are Free

In Asia, it seems common to use cryptocurrency wallet and exchange services at nearly no cost. Rakuten Wallet is following this train of thought as well. Users won’t pay for opening or managing their account. The purchase and sale of assets is free, as is the deposit of said assets and Japanese Yen. Fees will only arise when withdrawing Japanse Yen or crypto assets. This seems to be a fair scheme which could attract thousands of people, to the cryptocurrency industry in Japan. 

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.

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