Japanese Financial Giant Rakuten Wallet To Roll Out Margin Trading with LTC, XRP Support
- Rakuten, the crypto wallet and exchange platform is adding Litecoin (LTC) and Ripple (XRP) for margin trading.
- The Japan-based financial behemoth has set its sights on offering its clients digital asset margin trading services.
The announcement was made on Monday Rakuten aims to roll out its new services over this spring, after already starting the registration process.
Up To 2x Leverage for Margin Calls Takers
Rakuten rolled out its services in August 2019. Entering the crypto trading market with Raketen Wallet. To begin, Rakuten began its trading services with only three currencies: Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH).
With the introduction of its margin services, Rakuten will also feature LTC and XRP, allowing traders to take long or short positions for: BTC/JPY, LTC/JPY, ETH/JPY, XRP/JPY AND BCH/JPY.
Within the announcement, Rakuten's exchange platform will also offer up to 2x leverage to traders who take margin calls, while adhering to Japanese financial market regulator Financial Services Agency’s (FSA) demands for limits to crypto margin trading leverage to 2x from 4x.
The Crypto Market in Japan Is Progressing
In spite of the many hacks against Japanese crypto exchanges like Coincheck and Mt. Gox, Japan remains the largest crypto market for trading volumes. For things to remain the same, the FSA has made it compulsory for digital asset exchanges in the country to obtain a license.
Rakuten went through a broad rebranding campaign, changing its name from Everybody’s Bitcoin to Rakuten after being acquired for 265 million yen (about $2.4 million) back in 2018.
In order to increase its client base, and compete with other market players, its wallet enabled conversions of Rakuten loyalty points into digital assets. Here’s what the announcement from Monday reads:
“As the Rakuten Group’s virtual currency exchange business, Rakuten Wallet will continue to provide transaction services that customers can use safely and securely, and further expand its services by leveraging Group synergy.”