Rakuten Wallet Starts Registration Process

The exchange has limited the process to existing Rakuten clients

Japanese e-commerce giant Rakuten has started the registration process on its upcoming digital asset exchange called Rakuten Wallet.

As seen on the platform’s website, it is only allowing customers with a Rakuten membership id or Rakuten bank account to proceed with the registration process, at least for the time being.

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“We have enhanced support for customers by introducing an automatic response chat service that employs AI technology that responds to customer inquiries 24 hours a day, 7 days a week,” the official announcement from Rakuten noted. “In addition, we plan to provide a smartphone app so that you can deposit and withdraw from the crypto asset trading account and trade in crypto assets (virtual currency) regardless of location.”

Rakuten Wallet, previously known as Everybody’s Bitcoin, was acquired by the e-commerce giant in 2018 for 265 million yen (around $2.4 million). Though the crypto exchange was previously served notice for management lapses, under Rakuten’s control, it has managed to gain an operating license from the country’s regulatory body.

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The Crypto Scene in Japan

Japan is one of the key regions for crypto trading. The country’s authorities always encouraged the new financial sector and even gave Bitcoin legal status. However, the market faced many setbacks mainly after the hack of Coincheck, which led to the theft of around $530 million worth of NEM tokens.

Amid a crackdown on the county’s crypto exchanges last year, Japan’s Financial Services Agency made it mandatory for them to obtain a license to continue operation.

Another crypto exchange in Japan – Decurret Inc. – which gained the regulatory license along with Rakuten Wallet last month also went live today. The exchange has initiated its service with four digital currencies – Bitcoin, Bitcoin Cash, Ripple, and Litecoin – and has plans to add Ethereum in the future.

Along with Rakuten, other internet giants in Japan are also diving into the cryptocurrency industry. Finance Magnates yesterday reported that SBI Holdings is eying to open a digital asset exchange in the country with its recent investment in FXCoin.

A Yahoo Japan-backed crypto exchange, which received an operational license last month, is also set to start trading services in May.

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