Rakuten Opens Selective Registration for Its Cryptocurrency Wallet

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Japanese e-commerce platform Rakuten has begun processing applications for account opening on Rakuten Wallet, its newly-launched crypto wallet platform, per an official release.

In the release, Rakuten, which is seen by many across the industry as the Japanese equivalent of Amazon, stated that it would now be offering cryptocurrency trading services on the Rakuten Wallet, as it is speculated to be targeting a new frontier in crypto adoption. The wallet service will be launched later in June, but registration is now open to specific users, not the general public.


Got a Rakuten bank Account?

To be eligible, Rakuten’s announcement states that only users who are members of the Rakuten Bank, one of the institutions that form a part of the Rakuten Group, can register for the crypto wallet.

Users who have accounts with the bank can simply sign up to the wallet with the use of a web application. On the flip side, non-members would have a slightly more tedious road to registration and approval, including additional authentication layers and processes.

In addition to that, it should be noted that the wallet’s sign up page states that it only supports withdrawals and deposits to and from the Rakuten Bank. Essentially, this means that people who don’t have accounts with the bank might not be able to enjoy the wallet’s services, for now.

A Long Time Coming

In accordance with the Payment Services Act that is in effect in Japan, Rakuten received a license to operate a cryptocurrency exchange in March. Rakuten’s wallet is expected to be registered with the Financial Services Agency (FSA), through the Kanto Local Financial Bureau.

The Rakuten Wallet itself used to be known as Everybody’s Bitcoin, an exchange platform that the former acquired in August 2017 for a fee of 265 million yen ($2.4 million).

At the time, the e-commerce giant had noted that it recognized the role of crypto-based payments in its industry, predicting that “offline retail and in P2P payments will grow in the future.”

The release stated, “Rakuten Wallet will contribute to the sound growth of the market as a virtual currency exchange company and will further enhance security and provide enhanced services so that more customers can use it safely and with confidence.”

Rakuten rebranded Everybody’s Bitcoin last month, as it took over the exchange’s operation completely.

Easier User Experience

The company also announced that it has set up an interactive and intelligence-enabled chat service that ensures a response to customer queries and requests round the clock.

The e-commerce giant will also be launching a smartphone app that allows customers to make transactions to and from their trading accounts. In addition to that, the app would enable Rakuten’s customers to engage in real-time crypto asset trading.

The launch of Rakuten’s crypto exchange is expected to help in boosting the mass adoption of digital assets. Apart from the simple crypto trading service, it is possible that customers who are making purchases via the e-commerce site will be able to make their payment directly from the Rakuten Wallet.

This integration will help improve customers’ experience on the site, and make for even more seamless transaction and retail activities.

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Based in the UK, Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system. Follow him on Twitter: @adejimi or Contact

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