Bitcoin Forum

Good news for traders in Japan, the Japanese e-commerce company giant Rakuten[1] has launched its own cryptocurrencies exchange for crypto trading where there are no fees on buying and selling, which is attractive to those who do frequent trades.
the platform revealed a license in Japan for its rebranded entity[2].
Also, there is a fixed fee for withdrawals with trading in the Japanese Yen which is a new addition to the platforms.

Read more and source  ----> https://www.coindesk.com/rakutens-crypto-exchange-has-launched-for-trading-in-3-cryptos

[1] Rakuten Wallet Launches Spot Trading Services for Crypto Assets (https://global.rakuten.com/corp/news/press/2019/0819_02.html)
[2]

Well shall we welcoming 200 million potential crypto user? Considering rakuten is sponsoring one of the biggest football club in the world barcelona which have more than 200 million fanbase  ;D , they would pay attention to this news.

Unfortunately it seems they did not accept global users? Can't see the platform in english version though. Japan crypto market getting more exciting with this announcement we all know there's not much competitor in japan since mtgox, a new player with big name such as rakuten i have no doubt that the day where cryptocurrency  mass adoption there... are something really possible occurred very soon.

Of course, they had to list Bcash as well. Roger has definitely done his best to market his shitcoin in the most aggressive possible way in Japan. Too bad for him that nobody really seems to care to actually use it....

I like that BitFlyer finally has some actual competition to focus on with Rakuten entering the space. BitFlyer can be seen as the Japanese version of Coinbase that offers a wide variety of other services than just being a spot exchange.

It's good to see that we right now have so many more fiat onramps than back in 2017 when we hit the $20k mark. Back then exchanges were so clogged up due to the demand that fiat just couldn't enter. This shouldn't happen again.

why they do this:


Why do they charge 0.001 BTC (equal to $10.80) for withdrawal fee? To my knowledge there is no high fee when I send bitcoin, so why are they charging 0.001 BTC withdrawal fee? this is something exaggerated, imagine the day the price reaches $20,000, they will be charging $20 withdrawal fee

This is great news for sure! One of the biggest companies in Japan has finally started their own crypto adoption, I have no doubt that Japan will have a lot more crypto users over the next weeks.

I actually don't mind it staying local to Japan, and I'd argue it's the smart move. Japan is the most welcoming country for cryptocurrencies, and no doubt the company would have to deal with way more issues if they tried to reach the global markets.

It's definitely a wake-up call for them, no more monopolies anymore. I'd say that Japan's view with BTC Cash is the same with yours, with a lot of people disregarding it, but there being a small community of shills.

I'm not sure about the fees though, it seems crazy to charge someone 10 dollars for withdrawing, and I'd like to see their reasoning behind it.

Pure profiteering because of the fact that they (for now at least) don't charge you for buying and selling. Bitcoin by default is the crypto that generates the most volume and for that reason will be used to squeeze out as much revenue as possible (profit has to come from somewhere at the end of the day).

Another reason could be that they have to deal with a lot of smaller inputs that require consolidation from time to time, and they want you to pay for it.

I find it hilarious that BCash withdrawal fee is 0.01BCHABC because I know how badly this annoys the crap out of Roger Ver.  :D

Good PR stunt for them, but I don't know the extend of the exposure to football fans though, back in 2017 we have seen a lot of athletes promoting crypto, but so far we haven't seen the effects. Even UFC started last year with Litecoin on the center of the mat. But look at the price of Litecoin today. More and more personalities are coming and supporting crypto, but it may take some time before we can see the positive effect.

Might be a business strategy for them, they wanted to gauge first in the beginning and probably will branch out to support global user soon if everything went very positive for them.

I mean why they did not take a chance on reaching global market to get way more potential profit? They have a good name at the world stage so why not? That's the most reasonable thing instead avoiding more 'issues' ... they are huge company and i'm sure they are very well dealing with any kind issues.

However Bitflyer did focusing on local japanese user and now what they achieve? I think not much.


Well a positive effect isn't always about the price spike , don't you agree? Making crypto appears in a well known company/events could remove public doubts on cryptocurrency ... they would feel like ' hey it's mainstream already , why not to give it a shot now? ' and there you go ...

no exchange has ever added any shitcoin to their platform just because some random dude advertised it. they also don't add them because they are good coins or bad coins. they only care about and look at the possibility of profit from that coin. and profit comes from how many people want to trade that shitcoin and is mainly determined with the daily volume. according to coinmarketcap.com BCash has the 7th highest 24 hour volume after ETC and before XRP.
nobody uses it though, as blocks are still empty :D

Rakuten CEO has been pretty 'close' with Roger very early on. It's Roger who sold (conned) Bcash to Japan as being the real Bitcoin that works as cash, so yes, this is definitely one of his accomplishments.

Bcash enjoys more merchant adoption in Japan than Bitcoin does thanks to Roger. The only thing is that these merchants will start to wonder why nobody is using it to pay for their stuff.  :D

The reason XRPs volume is lower, relatively speaking, is because that coin is used less for speculative purposes because of how delusional people are and think it's going to be adopted by financial institutions one day.

And to add to that, we all know that privacy coins is ban in Japan by FSA so I doubt it will go mainstream thre. Was surprised to see the BCH is more adopted in Japan though, Bitcoin Cash Is More Widely Accepted Than Bitcoin In Japan, Why It Doesn’t Matter (https://www.newsbtc.com/2019/04/02/bitcoin-cash-is-more-widely-accepted-than-bitcoin-in-japan-why-it-doesnt-matter/).

Didn't expected that Rakuten can launch crypto trading platform. Interesting move. Trading without any fees sounds great, but their withdrawal fees is huge. But I've seen similar scheme - free trading and big withdrawal fees somewhere before. It's good thing for frequent traders who aren't planning to move funds from exchange often.
I see that Rakuten expanding some of their services to Europe, US, and some other markets. So, we may expect that they are planning to launch their exchange globally.