Rakuten Wallet launches Cryptocurrency Exchange in Japan

Rakuten, which is the Amazon of Japan, has received approval from the Kanto Local finance Bureau to launch is virtual currency service. This means that users of Rakuten Wallet can now trade cryptocurrencies on the exchange as well. These users however have to be members of the Rakuten Bank which is a part of the Rakuten group to sign up quickly using the application while others will have to go through KYC process before being able to do so. As stated in press release, “ As a virtual currency exchange service provider, Rakuten Wallet will support sound development of the industry, and provide a safe and trustworthy user experience by further strengthening its security and service offerings.”

According to sources, Rakuten is expected to launch the exchange in June this year and users only need a Rakuten ID and a supplementary bank account to complete registration for trading crypto-assets.

The Company also announced that it had changes its trading name from “everybody’s bitcoin Inc.” to "Rakuten Wallet, Inc.” on March 1, 2019, and will stop its current service at the end of March. Users can open new accounts for a new service from April.