Rakuten Wallet, a subsidiary of Japanese eCommerce firm Rakuten Group, has announced a spot trading service for crypto assets where users can trade crypto assets on the spot via a dedicated smartphone app, which will be first released on the Android platform and later on iOS.
Apart from storing the customers’ deposited money, theRakuten Wallet stores all their crypto assets in an insulated environmentcalled the ‘cold wallet’, which is isolated from the internet. Packed withseveral security measures, the customers’ private keys are managed by means ofa multi-signature system and a two-step authentication method safeguarding cashand assets withdrawal process.
The smartphone app enables customers to trade three typesof crypto assets, namely Bitcoin, Ethereum, and Bitcoin Cash. Customers are notcharged any kind of account opening or transactional fee. Those who have bankaccount with the Rakuten Bank are able to open the Rakuten Wallet account bysimply entering the necessary details on the online application form.
A Deloitte report published in May arguedthat many businesses in the industry are interested in blockchain but not surewhere to start with it.
“Blockchain’s power to create disintermediation firmly shifts the power in the relationship away from retailers and towards the consumer,” the report notes. “CPG businesses should be poised to take advantage of this by exploring how blockchain can facilitate direct to consumer opportunities. Retailers, meanwhile, must guard against the negative impacts by using new technology to offer a better, more complete service to their customers.
