MENLO PARK, Calif.--(BUSINESS WIRE)--Blockchain security company CipherTrace and Rakuten Wallet — a subsidiary of Rakuten Group, a global company that operates one of the largest e-commerce site in Japan — today announced a partnership to assure anti-money laundering (AML) compliance for the company’s highly anticipated cryptocurrency exchange. The exchange started accepting customer applications on April 15th.
Rakuten is one of the first e-commerce giants to enter cryptocurrency. Rakuten Wallet has already opened its account registration process for cryptocurrency trading services. Since its announcement, Rakuten Wallet has seen significant adoption.
“We are happy to partner with CipherTrace in advance of our exchange launch,” said Yoshinao Kiyama, Head of the Risk Control Department at Rakuten Wallet. “Regulatory compliance and anti-money laundering protections are of the utmost importance, and we believe CipherTrace will provide us the necessary tools needed to best support Rakuten Wallet.”
CipherTrace, an industry-leading provider of anti-money laundering solutions, plans to support Rakuten Wallet to both improve the safety of investors and protect the integrity and compliance of the exchange. The CipherTrace team specializes in blockchain forensics and works closely with regulators, exchanges and financial institutions globally to help advance cryptocurrency with proper regulatory guidance.
“It is a major step for an e-commerce giant like Rakuten to both acknowledge cryptocurrency’s potential and adopt it,” said Dave Jevans, CEO of CipherTrace. “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. We are excited to blaze this trail with Rakuten Wallet.”
CipherTrace develops cryptocurrency anti-money laundering, cryptocurrency forensics, blockchain threat intelligence and regulatory monitoring solutions. Leading exchanges, banks, investigators, regulators and digital asset businesses use CipherTrace to trace transaction flows and comply with regulatory anti-money laundering requirements, fostering trust in the cryptocurrency economy.
CipherTrace was founded in 2015 by experienced Silicon Valley entrepreneurs with deep expertise in cybersecurity, eCrime, payments, banking, encryption, and virtual currencies. The U.S. Department of Homeland Security (DHS) Science and Technology (S&T) and DARPA initially funded CipherTrace, and it is backed by leading Silicon Valley venture capital investors. For more information, visit: www.ciphertrace.com and follow them on Twitter and LinkedIn.
About Rakuten Wallet
Officially launched in March 2019, Rakuten Wallet is a cryptocurrency currency exchange based in Tokyo, Japan. The company is a wholly owned subsidiary of Rakuten Group, a global leader in internet services and e-commerce. The Rakuten Group has over 17,000 employees, operations in 30 countries and regions, and more than 1.3 billion members around the world.