Big time companies continue to bet on cryptocurrencies not only as payment methods, but also as resources to store value. The future of money, as these assets are often dubbed, continue to get a big boost when huge corporations and enterprises with international operations add them to their projects.
The latest company to do so has been the Japanese e-commerce giant Rakuten, which announced this week that it would be launching its own cryptocurrency exchange. The piece of news was published on a written statement by the company itself.
A Huge, Multi-Purpose Company
Rakuten is, without a doubt, among the most influential businesses in Japan and the world, serving a huge market that surpasses the 1.2 billion people at a global scale. It offers not only an e-commerce platform, but also several payment services and other goods.
According to the company’s official statement, the Japanese powerhouse is ready to expand its business catalog and offer trading services, in light of the crypto revolution that has taken over the world’s financial landscape over the last couple of years and, especially, in recent months following Bitcoin’s price recovery.
“Rakuten Wallet, Inc., a consolidated subsidiary of Rakuten Group and operator of a crypto asset (virtual currency) exchange business, announced that today it has launched a spot trading service for crypto assets in which users can conduct spot trading of crypto assets through a dedicated smartphone app,” the firm stated.
A Popular Sentiment
Rakuten customers and users had been looking for the company to launch a crypto exchange for quite some time now, and the idea has enormous potential if implemented correctly, given the size of the Rakuten online community and the things that can be achieved with a token and a proper ecosystem.
The Asian company started teasing with it since it acquired a Bitcoin exchange approximately a year ago in a deal worth $2.4 million. Back then, Rakuten was allegedly preparing to pave the way for its own trading platform with the acquisition of “Everybody’s Bitcoin,” taking advantage of an already-in-place infrastructure.
Japan is, by far, the second biggest crypto exchange market behind the United States of America and larger than other notable hubs, such as South Korea and Europe. Per data from CryptoCompare, the country’s cryptocurrency market accounts for roughly 10% of the global Bitcoin volume.
Focusing on Security
The expectation is for Rakuten to focus on security of its platform and also user funds, in order to provide a safe place for people to interact with local retail crypto investors.
The firm also stated that additionally, “a number of security methods have been implemented to ensure the safety of customers’ assets. All crypto assets owned by customers are stored in an environment isolated from the internet, known as the ‘cold wallet,’ and private keys are managed through a multisignature scheme.”
Having a top-tier e-commerce company entering the crypto business will only help people’s confidence on the reliability of local platforms, further improving an already emerging field.
By Andres Chavez