Rakuten to Launch Own Crypto Exchange in April

As reported, Rakuten Wallet exchange registration with the Kanto Local Finance Bureau has been completed as a “virtual currency exchange service provider”
26 March 2019   428

Japan's largest e-commerce company Rakuten intends to open a digital asset exchange after it has registered it with local financial control authorities. According to a press release, the launch of Rakuten Wallet will take place next month.

Rakuten Wallet…which operates a virtual currency exchange service, announced that registration with the Kanto Local Finance Bureau has been completed as a “virtual currency exchange service provider” based on the Payment Services Act.

Rakuten Team Announcement

In August last year, the company announced the acquisition of Everyday’s Bitcoin for 265 million yen (about $ 2.4 million). This year, Rakuten has made several structural changes to her business model, including with the aim of closer integration of cryptocurrencies.

Rakuten Wallet will contribute to the sound growth of the market as a virtual currency exchange company, and will further enhance security and provide enhanced services so that more customers can use it safely and with confidence.

Rakuten Team Announcement

On Monday, it became known that the sponsored Yahoo! Japan Crypto Exchange Taotao is preparing to start in May.

Fake Trading Share to Reach 68%, - FTX Global

This figure, however, is significantly lower than what Bitwise's report and the discrepancy is explained by the difference in methodology
04 July 2019   973

The exchange of derivatives FTX Global and Alameda Research conducted a study that estimated the volumes of fictitious transactions (wash trades), presumably prevailing in many cryptocurrency exchanges.

The report says that 68.6% of trading volumes displayed by CoinMarketCap are fake. This figure, however, is significantly lower than what Bitwise Asset Management announced in March.

The discrepancy between the results in almost 30% of the authors of the new study is explained by the difference in methodology. So, FTX Global is sure that Bitwise used an too strict approach to data analysis, which is why a significant proportion of real trading volumes fell into the category of fake ones.

While our methods are not foolproof, we believe they paint the most accurate picture of the true nature of cryptocurrency trading volume that anyone has made publicly available as of yet.

FTX Global Team

The Alameda methodology involves verifying the authenticity of data on trading volumes on various exchanges based on six different parameters, including manual verification of information and comparison of order books.

FTX Global Website
FTX Global Website

In particular, the experts found out that some sites provided data on the volumes of foreign exchanges for their own, with a slight delay in time. Other platforms used more advanced techniques - for example, they introduced large fake volumes only against the background of many smaller orders, thus trying to hide the true state of affairs.

The main purpose of these tactics is to raise the platform higher in the CoinMarketCap rating, creating a false impression of its liquidity. It also sometimes allows for the ability to charge a higher listing fee.