The Japanese Amazon Rakuten spot trade announcement of Bitcoin Ethereum and Bitcoin Cash

By MonoBlack | Mono Black News | 20 Aug 2019

The exchange will not charge fees for deposits and operations in real time, but for withdrawals.


Rakuten, the e-commerce giant considered the Japanese Amazon, today launched its own exchange for spot commerce.

This type of spot trade, or cash transaction, is the purchase or sale of a currency for immediate delivery.

Rakuten Wallet -exchange belonging to the commerce giant- was launched to trade Bitcoin (BTC), Ether (ETH) and Bitcoin Cash (BCH) against the Japanese yen through an Android mobile application.

Likewise, it will later launch an iOS application, although in the Rakuten press release it does not indicate the date.

The company stated that the funds of the clients held by the subsidiary will be managed separately from theirs, under the supervision of their fiduciary company, Rakuten Trust, and through savings accounts at Rakuten Bank.

Similarly, Rakuten added that cryptocurrencies deposited by users will be kept in cold storage or offline, to minimize the risk of piracy.

In addition, "for greater security, private keys are managed through a multiple signature scheme and two-step authentication is required when logging in and making withdrawals."


No fees

Other additional information is that there are no fees for operations or deposits, which are made in real time, 365 days a year (excluding when maintenance is being performed).

However, the firm noted that for withdrawals, Rakuten Wallet will charge around USD $ 2.80 in yen, and for crypto withdrawals it will charge different rates depending on the currencies in question (conversion to US dollars):

  • Bitcoin at 0.001 BTC (USD $ 10.70).
  • Ether at 0.01 ETH (USD $ 2).
  • Bitcoin Cash at 0.01 BCH (USD $ 3.20.

Rakuten presented his Rakuten Wallet in March this year, when he reported that he had a license for his newly acquired exchange, Everybody’s Bitcoin, to which he changed his name.


Sources: Rakuten and CoinDesk
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