Rakuten Wallet, the crypto-focused subsidiary of Japanese retail giant Rakuten, has reportedly teamed up with blockchain security startup CipherTrace in a partnership aimed at ensuring that Rakuten Wallet’s upcoming crypto exchange complies with Anti-Money Laundering (AML) guidelines.
The two firms are teaming up at a time the Rakuten subsidiary is finalizing steps towards the launch of its cryptocurrency trading platform announced earlier in the year.
In a press release published on May 29, the firm noted that CipherTrace will collaborate on measures intended to improve the overall safety of investors and in ensuring that the upcoming exchange’s integrity and adherent to compliance demands.
CipherTrace has extensive expertise in the compliance industry, having worked with various projects on crypto AML, blockchain forensics as well as in regulatory monitoring solutions.
CipherTrace CEO Dave Jevans said that the partnership will see them help develop a crypto market that is mature and “trustable.” Their role will be to ensure that exchanges access optimal protections that can support increased mainstream adoption of digital assets.
The key, Jevans added, is to have proper compliance measures and transparency, two aspects that he hoped could see more participants join the burgeoning global crypto market.
Rakuten Wallet revealed earlier that its crypto exchange would be ready for launch by June. The new platform will also enable trading via a smartphone application.
The firm offers free account opening services, with registration having been opened in April for users interested in trading cryptocurrencies. Users were supposed to complete registration by providing details of their Rakuten user ID as well as a bank account.
The exchange is expected to store users’ crypto funds in cold storage wallets, safer storage because the assets are not online or on a device with an internet connection.