Rakuten, Japan’s e-commerce conglomerate often compared to Amazon, have opened their new Rakuten Wallet service for customers to begin trading crypto in June.
According to the official notification, the Rakuten Wallet will offer a virtual currency exchange business as a consolidated subsidiary of the large Rakuten Group that registered a revenue of 1,101.48 billion Yen in 2018.
Multifaceted Gateway for Cryptocurrency
As a multifaceted company with interests in online shopping and distribution, banking and payments, media, sport, data analytics and mobile communications, Rakuten – which means “optimism” in English – is seen as a major gateway in on-boarding increasing numbers of cryptocurrency users.
Well known in Asia, Rakuten has established a global presence through strategic acquisitions of such companies as Play.com in the UK, PriceMinister in France and Ozon.ru in Russia. The brand gained a further boost in awareness amongst western observers when it signed a four year shirt sponsorship deal with Spanish football club Barcelona F.C which was estimated to be worth around £188 million.
Although the digital asset arm of the company began life at the end of 2016, it has undergone significant restructuring of its management systems and internal controls since being acquired by Rakuten and shed its previous name of All Bitcoins Inc. to become an officially recognised virtual currency exchange services provider.
Initially, the Rakuten Wallet will offer three trading pairs to Japanese Yen – Bitcoin (BTC), Bitcoin Cash (BCH) and Ethereum (ETH) – with a daily trading volume limit of 100 BTC and 2,000 of BCH and ETH.