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.