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Rakuten's Crypto Exchange Launches Spot Trading Services

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Cryptocurrency exchange Rakuten Wallet launched spot trading services for crypto assets from Monday. It will initially support only three crypto assets - Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH).

The exchange said users can conduct spot trading of the crypto assets against the Japanese yen through a dedicated smartphone app. The app will be initially released on Android, with an iOS version due to be released after September.

The customers' crypto assets will be stored in a cold wallet isolated from the Internet, and private keys will be managed through a multisignature scheme, the company added.

Rakuten Wallet, a unit of Japanese e-commerce major Rakuten, was launched in March 2019. It began accepting online account registration in mid-April for cryptocurrency trading services to begin after June. Rakuten is one of the first e-commerce giants to enter cryptocurrency industry.

It teamed up with blockchain security firm CipherTrace in late May to provide anti-money laundering (AML) compliance for its cryptocurrency exchange in Japan to raise the exchange's level of security, transparency and trust in the overall market.

In late March, Rakuten Wallet had completed the registration process as a virtual currency exchange service provider with the Kanto Local Finance Bureau (KLFB), based on the Payment Services Act.

Rakuten had bought 100 percent stake in the local crypto exchange Everybody's Bitcoin, Inc. in August last year, for 265 million yen or $2.4 million through its subsidiary Rakuten Card.

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