Rakuten, Ahead of June Launch, Makes a Start on User Signups for its New Bitcoin Exchange
Established firmly as a giant in the world of the online, the internet company Rakuten has announced that it has started to on-board new registrations for users interested in making use of its dedicated virtual wallet and cryptocurrency exchange open accounts. This is according to news reports as of April 15th.
While the Japanese-based company intended to launch its cryptocurrency exchange in June, it has taken . the initiative with on-boarding, now offering users, specifically traders, online registration, all users need is their Rakuten-associated user ID, along with its affiliated bank account in order to fully complete the on-boarding process.
Back in mid 2018, Rakutan had reportedly acquired the cryptocurrency exchange and platform – Everybody's Bitcoin. From then, the company began introducing a series of changes, bringing it more into line and adherence with anti-money laundering and KYC policies. This approach allowed it to obtain a license to operate from the Japanese regulatory body as of December.
Before this acquisition, Everybody's Bitcoin had been cautioned and cited by regulatory authorities for significant deficiencies both in management and security.
Rakuten is certainly not the first company to enter the virtual fray of domestic cryptocurrency trading. According to recent news, it is now only the most recent major name to enter the scene. Some other familiar companies include the likes of Yahoo! Japan which has had its own exchange in development for some time, and currently owns a 40% stake in the exchange platform TaoTao.
While some companies have purchased major stakes or wholly acquire crypto exchanges to support its foray into crypto, other companies have added a range of complementary features in order to meet increasing user demand. An example of this from this week was CoinCheck, which has reportedly added an increasing range of altcoins to its already existing Over The Counter Trading services, having previously supported Bitcoin trading as of the beginning of April.
Over the span of this week, a private investor based in Japan put forward approximately $200 million for ownership of Bithumb, the South Korean cryptocurrency exchange platform as part of its Series A funding.
While we are seeing a significant degree of optimism from major companies and investors diving into the world of cryptocurrencies. It was reported that, on Monday, Money Forward Inc., the development team of another crypto exchange project had since decided not to pursue its initial plans on account of the ongoing bearish trend in the cryptocurrency market. This is according to a collective statement made by its board:
“The virtual currency market has cooled rapidly and the downside risk of profitability has been increased by continuing the business,”