Rakuten Wallet, a Rakuten Inc. subsidiary, has formed a partnership with developer of cryptocurrency Anti-Money Laundering, cryptocurrency forensics, and blockchain threat intelligence solutions, CipherTrace. The collaboration between both crypto firms will ensure Anti-Money Laundering (AML) compliance for Rakuten Wallet’s upcoming crypto exchange. With this partnership, CipherTrace will work on advancing the safety of Rakuten Wallet’s investors in addition to the safety of the integrity and compliance of the exchange.
On this collaboration, CipherTrace CEO Dave Jevans commented that “We have made significant strides as an industry to make the cryptocurrency market grow and become more trustable. Rakuten Wallet cares about its customers and will work with CipherTrace to make sure that exchanges have optimal protections for mainstream adoption. It is our hope that proper compliance, transparency and increased trust will lead to more and more participation in the global crypto market.” As part of the launching the exchange, Rakuten Wallet plans to introduce it later this month.
Since the company plans to launch the exchange in June, its trading platform will empower users to trade digital assets through a smartphone application, with opening an account for free-of-cost and customers’ funds will be stored in a cold wallet. A cold wallet is nothing; it’s a device for storing digital currency that is not connected to the internet. However, for its trading platform, Rakuten Wallet had already opened its online account registration process in mid-April that requires traders to register with a Rakuten user ID and associated bank account.