Rakuten, the Japanese equivalent of e-commerce giant Amazon, announced that it has opened registrations for its cryptocurrency exchange, in a recently released press release. According to the statement, account registrations for trading cryptocurrencies on the company’s Rakuten Wallet were now open.
However, to avail the service with ease, the user should be a member of the Rakuten Bank, a part of the Rakuten Group. Users registered with the bank will have the liberty to sign up using a web application, while others will have to go through multiple layers of authentication.
The KYC procedures that Rakuten will choose to include are expected to play a major role in the adoption of the cryptocurrency exchange. The official statement by Rakuten said,
“[…] 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 move comes after the e-commerce giant received a license from the Japanese Financial Service Authority [FSA] to function as a crypto-asset exchange. According to sources, Rakuten is expected to launch the exchange in June this year and users only need a Rakuten ID and a supplementary bank account to complete registration for trading crypto-assets.
Rakuten has been approaching global adoption from a different perspective as it partnered with FC Barcelona, a renowned Spanish football team, to promote its services and increase its global visibility.
Furthermore, Rakuten had also taken over a Bitcoin platform called Everybody’s Bitcoin in 2018. This was its first step into the crypto-verse as the platform then initiated changes which helped it meet the demands of Japanese regulators. Earlier. Everybody’s Bitcoin had come under criticism from the financial regulatory body over “deficiencies in management control”.
With the amalgamation of Rakuten, which was known for its management hierarchy and efficiency, FSA was convinced that the firm now had enough management control and voted in support of its demand to work as a crypto-asset exchange.
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Febin Jose is a full-time journalist/editor at AMBCrypto. He believes that cryptocurrencies will navigate a volatile future and that Arsenal can still win a title. Lives around the “if it sounds like writing, I rewrite it” mantra.