Rajarshi Mitra
Independent Analyst
- Rakuten Wallet is a consolidated subsidiary of Japan's Rakuten Group.
- For additional security, the crypto funds are stored in multi-sig cold wallets.
Rakuten Wallet, Inc. announced the launch of a new mobile app which will facilitate spot trading service for cryptocurrency. The app will initially be released only for iOS.
A press release by Rakuten stated that:
"[Rakuten Wallet] separates money deposited by customers (customer assets) from the company's own funds, managing the assets (trust maintenance) in trust accounts provided by Rakuten Trust Co., Ltd., the trust company of Rakuten Group. Rakuten Trust manages those trust assets through Rakuten Bank, Ltd. savings accounts."
All the customers’ crypto funds are stored in multi-sig cold wallets to provide additional security. Also, a two-factor authentication (2FA) is essential "when logging in, withdrawing money and withdrawing assets."
No fees are charged for "opening or managing an account, purchasing or selling crypto assets, or depositing money." However, a nominal charge of JPY 300 is charged for withdrawing Japanese Yen. Small fees will also be levied for withdrawal of crypto assets (Bitcoin: 0.001 BTC; Ether: 0.01 ETH; Bitcoin Cash: 0.01 BCH).
Ratuken Wallet currently backs three crypto-assets Bitcoin (BTC), Ether (ETH), and Bitcoin Cash (BCH). The company has plans to release the iOS version of the app in September.
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