Rakuten Launches a Mobile App For Trading Cryptocurrencies
Rakuten has entered the market with a newly founded cryptocurrency trading app. Build Rakuten clone cryptocurrency trading app to find ample opportunities.
Rakuten is a Japanese eCommerce company which has Rakuten Wallet as its subsidiary. The company has launched an application to enable trading of cryptocurrencies.
Rakuten’s plans to enter the crypto industry for a while. The eCommerce giant kept its aim to acquire ‘Everybody’s Bitcoin’ crypto exchange. The company has planned to release its cryptocurrency under the name of Rakuten Coin.
The cryptocurrency exchange wallet offers three cryptocurrencies. They are Ethereum, Bitcoin Cash, and Ethereum. The app will be made available to the customers who bank with the company’s online bank. They have an application to carry out this process which will be first launched on the Android platform and later on the iOS platform.
Rakuten partnered with a Silicon Valley housed cybersecurity firm, CipherTrace before the launch of Blockchain-powered mobile wallet. They wanted to help the later firm with global regulatory compliance formalities. They also wanted to do this in order to improve the app’s security features.
Before Developing Rakuten clone cryptocurrency trading app
Learn more about Rakuten group’s journey
The commencement of Rakuten Group’s Blockchain Journey
The company is not just limited to eCommerce but it currently offers 70 different services. These services include travel, communications, and digital content, FinTech. The numerous services offered by the group are linked through membership that centers around the Rakuten members.
This circling improves a cross-use venture by the users who communicate with the group’s services. Looking at the prevailing inter-connectivity in its services, the company has laid the grounds for Rakuten Blockchain Lab.situated in Belfast, UK.
The lab is basically dedicated to R&D organization and researches on the usage of the Blockchain technology. The lab mainly focuses on the flourishing role that cryptocurrency-based payments play in offline retail, P2P payments , and eCommerce.
The same focus has led the company to enter the cryptocurrency exchange market. The firm believes that for providing smooth cryptocurrency payments they need to compulsorily offer cryptocurrency exchange functionality.
In addition to this intensive focus, many of the Rakuten customers including especially the foreign exchange users of Rakuten Securities are demanding the provision of a cryptocurrency exchange service.
The Rakuten wallet move gets much backup with the promise of the rise in demand for the Blockchain technology. There has been a huge increase in the online wallets and cryptocurrency exchange. This depicts the scope of cryptocurrency wallet. This can be a very profitable area worth venturing for the newbies.
The customer funds will be held independently from the company’s own funds. The customer fundings will be held in cold wallets. These wallets will be supporting private keys that use a multi-signature scheme. The company has kept the security of the customers as their priority. So, all transactions, including logging in, withdrawing money and withdrawing assets need two-step authentication.
The company stated that the customers who have a bank account with Rakuten Bank will be able to open a Rakuten Wallet account easily. Also, the people without a Rakuten Bank account cannot currently use the service.
The signup guide page in Japanese depicts that a “Rakuten Bank account is required to open an account.”
It is still not clear if the company has an intention of expansion or not is unknown. Rakuten has more than 1.3 billion customers worldwide. These customers offer a wealth of opportunity for the company. This opportunity is in terms of the new service as well as the potential to sign up millions of users.
The services are free at the launch to make them appealing offering even if it only supports three cryptocurrencies.
Rakuten Wallet aims to further expand the lineup of the services in order to provide the customers with secure and comfortable transaction services.
Though Rakuten has offered exchange services this is not the first time that it has put its feet forward in the space of cryptocurrency. Rakuten has accepted Bitcoin as a payment method from the year 2015. It is the first major company which has taken this step.
The company also took over a minor cryptocurrency market called Everybody’s Bitcoin in the year 2018 for $2.4 million that it may have used to power Rakuten.
Rakuten is called as the “Amazon of Japan“. They have recently declared the launch of its new crypto exchange platform offering spot trading of crypto assets. These will be carried out via a dedicated smartphone app.
The e-commerce company has been crypto-friendly for some time and it is experimenting and advancing in crypto payment systems since at least 2014. The launch of wallet exchange service has made it possible for the users to buy, sell, and exchange BTC, BCH, and ETH, as well as utilize fiat off-ramps to personal bank accounts. Other dangerous forces in e-commerce are working hard to jump on board the crypto chain as well.
“Rakuten” means “optimism” in Japanese. The e-commerce leader has been pouring all its efforts in the blockchain and crypto development over the past years. The company has over 17,000 employees worldwide and they had over $10 billion in sales as of May. The company has a market cap of $14.5 billion. Japan’s internet commerce behemoth is universal in the land of the rising sun, and outside.
While building a cryptocurrency app you should also check out its Operational scope:
The most important thing to take into consideration while developing a cryptocurrency app is the operational scope of your cryptocurrency exchange. This is vital as you will be needed to get significant approvals according to the operational scope. You will have to consider the licensing and registering the switch according to the local or global laws.
» Liquidity management
Liquidity is an essential perspective for the success of a cryptocurrency exchange business. The businesses at an exchange drive its liquidity situation. No cryptocurrency exchange can survive without bustling trading activity. There is a need to integrate your cryptocurrency exchange’s liquidity position to other existing exchanges.
There are many other important factors like Regulations and compliance, Cryptocurrency support and other such more. If there you are interested in building a cryptocurrency app, you can get information regarding the features and the business module by connecting with us for a free consultation session.