Rakuten, Japan’s e-commerce giant, has announced that it has launched a spot trading service for crypto assets. Rakuten Launches Crypto Spot Trading Via Mobile App.
Customers can conduct spot trading of crypto assets through a dedicated smartphone app, which will be initially released on Android. The firm said the iOS version is due to be released at a later date.
Speaking of security, Rakuten said it would separate client assets from the company’s funds and manage the assets in trust accounts provided by Rakuten Trust, and through savings accounts at Rakuten Bank.
Rakuten Launches Crypto Spot Trading Via Mobile App. The firm further emphasized that the client’s funds will be stored in an internet-isolated setting, known as a “cold wallet”, and private keys will be managed through a multi-signature system.
However, as of now, bitcoin (BTC), Ethereum (ETH), and bitcoin cash (BCH) can be traded on the platform. There are no fees for opening or managing an account, purchasing or selling crypto assets, or depositing money.
The firm said that there are no fees charged for making trades or deposits, which are conducted in real-time, 365 days a year. However, for fiat withdrawals, Rakuten Wallet will charge accordingly.
The absence of charges for the purchase and sale of cryptos should attract frequent trading customers.