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Rakuten Launches Cryptocurrency Exchange for Customers

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Rakuten

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Rakuten has begun accepting applications for accounts for its anticipated cryptocurrency exchange called “Rakuten Wallet.” The company announced that pre-registration is available for customers with Rakuten Bank, but further details as to whether the service will be available for everyone has not yet been revealed.

The company previously stated that the crypto exchange will commence business in June 2019 and it will come with a mobile app that allows trading of crypto assets.

New Crypto Exchange for Customers

Rakuten had a revenue of $9 billion in 2018, and the decision to support cryptocurrency is seen as a way of accelerating adoption at the consumer level.

Although the company has operations worldwide, its base in Japan is a significant force in the crypto industry, with trading in Yen contributing to over half of the total Bitcoin purchases. Japan is the home of the first ever cryptocurrency exchange, Mt. Gox, and the creator of Bitcoin adopted a Japanese alias, Satoshi Nakamoto. The country is credited for its advanced cryptocurrency regulations, and the Rakuten Wallet will receive clearance from the Japanese Financial Services Authority.

Although Rakuten is a diverse company, its focus on e-commerce will be vital in supporting cryptocurrency. Since 2015, some of Rakuten’s branches have been experimenting with Bitcoin payments. According to Rakuten, the role of crypto payments in offline retail, e-commerce, and in p2p payments is expected to grow in the future.

Benefits to Customers

The use of crypto payments is expected to eliminate the risk of chargebacks that customers have to encounter when they use credit cards, the conventional payment method in e-commerce.

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With crypto payments, customers will not have to worry about asking for refunds from credit card providers or banks. Equally cryptocurrency payments are cheaper because there are no fees incurred, which may impact on profit margins of the merchant.

Rakuten indicated that in order for the company to efficiently offer crypto payment, there is a need to have a cryptocurrency exchange function.

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Featured image: DepositPhotos @ dimarik

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Japan’s Rakuten Introduces New Crypto Exchange

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Rakuten

Rakuten

The cryptocurrency industry has grown at a breakneck pace over the past two years or so, largely due to the growth of Bitcoin and other tokens. Due to such growth, many companies have been established that provide highly specialized services related to crypto wallets as well as exchanges. Wallets help people to store their crypto safely, while exchanges are the marketplaces where anyone can buy a cryptocurrency.

Japanese retail behemoth Rakuten saw the opportunity early on and has already established the Rakuten Wallet as one of its subsidiaries. Rakuten Wallet is a crypto exchange, and today the company announced that spot trading facilities are now live on three major cryptocurrencies.

Key Details

According to the press release published by Rakuten today, the cryptocurrencies that are now available for spot trading include Bitcoin, Bitcoin Cash, and Ether. The company went on to state that the developers are currently working on developing apps for both Android and iOS as well. Additionally, it has been pointed out that the usage of these apps, when they are made available, will be compulsory for customers if they want to use the platform.

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The application process has also been made as simple as possible and particularly for those who already bank with Rakuten Bank. In the press release, the company stated, “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.”

Over the course of the past few years, the cryptocurrency ecosystem in Japan grew at a highly impressive rate, and currently, the country remains one of the most advanced markets for crypto traders. In addition to Rakuten Wallet, there are plenty of other options for crypto traders to choose from, and hence, a service has to be offering something extra if it wants to draw customers.

Featured image: DepositPhotos © makidotvn

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