Rakuten Wallet allows exchange of Rakuten Point for Bitcoin, Ether and Bitcoin Cash

Rakuten Wallet Co., Ltd., currently operates a cryptocurrency exchange at a subsidiary of Rakuten Group. In particular, Rakuten Group is the largest e-commerce company in Japan. And according to the latest announcement, the exchange will launch a Rakuten Points exchange service for cryptocurrency, compatible with three currencies such as Bitcoin (BTC).

Rakuten Wallet and ambition in the cryptocurrency market

After many “cherished” information about participating in the cryptocurrency market, Japanese e-commerce giant Rakuten has officially launched a cryptocurrency exchange called Rakuten Wallet.

rakuten-wallet-allows-exchange-of-rakuten-point-for-bitcoin-ether-and-bitcoin-cash

Source: Rakuten’s press release

Specifically, in August 2019, Rakuten Wallet, through its subsidiary Rakuten Card Co., Ltd., decided to acquire all shares of the company operating cryptocurrency exchange Minna no Bitcoin. The company started offering cryptocurrency exchange services as of August 19, 2019.

Rakuten Group is not limited to e-commerce. Besides, they deploy Internet services such as travel, digital content, contact information, and credit card-related services provided by Rakuten Group. This includes FinTech services such as banking, securities, insurance, and cryptocurrencies. Besides, they established their unique economic zone, named Rakuten Ecosystem (Economic Area).

The IR at the time of the acquisition emphasized:

“We expect that the role of virtual currency payment functions will increase in the future as e-commerce, payment at physical stores, and PtoP payment methods.”

You can exchange Rakuten Point for Bitcoin in Rakuten Wallet

According to the press release, users can now spot trading with three cryptocurrencies: Bitcoin, Ether, and Bitcoin Cash through mobile applications.

Rakuten said that customers’ assets would be kept in cold wallets to ensure safety. Besides, the private key will be managed through a multi-signature model, as well as two-step authentication (2FA) to log in and withdraw money.

Rakuten states:

“All customer-owned cryptocurrency assets are stored in an environment isolated from the Internet, called a cold wallet. Private keys are managed through a multi-signature model. Users are required. 2-step verification when logging in, withdrawing money, and withdrawing the property.”

rakuten-wallet-allows-exchange-of-rakuten-point-for-bitcoin-ether-and-bitcoin-cash2

Source: Rakuten’s press release

The supported currencies to exchange from Rakuten Point are BTC, ETH, and BCH. It can be exchanged via Rakuten Wallet’s smartphone app and can be exchanged for crypto assets of 100 points or more in 1-point units.

Note that it is not possible to exchange crypto assets for “Rakuten points.”

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