"Japan Amazon" Lotte launches cryptocurrency transaction service

"Japan Amazon" – Lotte, announced on August 19 that it will launch its new encryption trading platform to provide spot trading of encrypted assets through mobile apps. The e-commerce giant has always been friendly to encryption and has been experimenting and investing in encrypted payment systems since 2014, but with the launch of the wallet exchange service, Lotte Bank users can now buy, sell and exchange BTC, BCH , ETH, and recharge to a personal bank account using French currency. More giants in the e-commerce industry are stepping on the encrypted train.

 

Optimistic about encryption

"Lotte" means "optimistic" in Japanese. In the past few years, it has been devoted to the development of blockchain and encryption technology. Lotte's positive nickname is justified. As of May, Japan’s Internet business giant had a market value of $14.5 billion, more than 17,000 employees worldwide, and sales of $10 billion.

At the press conference on the day before Tokyo, Lotte Wallet, a subsidiary of Lotte Group, announced the launch of the long-awaited cryptographic trading application and exchange service:

Through the smartphone app, customers can trade encrypted assets, such as depositing/moneying yen and deposit/cashing encrypted assets at any time… Three types of encrypted assets can be traded: Bitcoin (BTC), Ether Square (ETH) and Bitcoin Cash (BCH).

According to news reports, the app provides a "cold wallet" based on multi-function search for user funds, and "opens or manages accounts, buys or sells encrypted assets, and deposits without any fees." Although the company uses "cold" when describing the wallet, it is worth noting that the actual meaning here is only offline storage. So security is not just in the hands of account holders.

Application process: access convenience, privacy protection

 

For those who apply for Lotte Bank accounts, the process is very simple. News report: "Customers who already have a Lotte Bank account can easily create a Lotte Wallet account by simply entering the required information in the online application form."

However, privacy-conscious encrypted users may find the application somewhat outdated. As the Japanese Financial Services Agency (FSA) implements strict KYC and AML agreements across the industry, Japan is undoubtedly the global leader in encryption regulation and application. Prior to registration, personal testing with real dating games reflected this reality.

After opening a Lotte Bank account, the applicant must answer a few questions, including personal information about the job, the purpose and income of the account. In addition, they must also explain their active years in the field of encryption. This is in stark contrast to private P2P transactions like local.bitcoin.com, which only requires an email address.

Lotte’s efforts have received many corporate responses.

 

In 2014, after Lotte made an early investment in the wallet/payment software company Bitnet, the Lotte Blockchain Laboratory was established in 2016, so they are no stranger to encryption. However, the Tokyo-based company is not alone, and other promoters and investors in the industry are investing time and research, and now it seems to be planning to join similar projects.

May's official patent documents show that Amazon is working on the MerkleTree solution to address the workload challenges of unknown applications. Although Amazon does not directly accept encrypted payments as the Lotte USA website, similar applications may soon appear in US retail giants through the integration of the Bitnet portal. The Amazon digital currency has become a reality.

Lotte CEO Hiroshi Mikitani announced in early 2018 that the company is developing its own encrypted Token "Lotte Coin" to integrate it with Japan's popular Rakuten points system. Currently these points can be exchanged for Bitcoin (BTC) through the Japanese website.

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In the past few years, Amazon has caused further sensation in the media by purchasing domain names related to encryption, such as Amazoncryptocurrency.com, Amazoncryptocurrencies.com and amazonethereum.com. While this may be a simple brand protection, the speculation seems to be justified by the company's recent research and investment. Especially considering that other companies with huge funds like Wal-Mart, Facebook and Google are also researching and testing blockchain and encryption technology.

Japan remains skeptical about the exchange

 

Although Lotte’s statement is a big news for Japanese cryptographers, there are still some people who are skeptical. With the massive financial losses of Mt.Gox, Coincheck and, more recently, Bitpoint, customer confidence in Japanese trading services has been affected. Even the little-known problems associated with regulatory changes can be disgusting to many people. For example, Tokyo-based exchange Bitflyer freezes user accounts without explicit notice in 2018 on the grounds of “maintenance upgrades” and compliance with official regulatory audit requirements. Some accounts have been frozen on the exchange for a few weeks, and there is almost no solution for customer service.

Lotte's active promotion

Despite the troubles in Japan in the past, Lotte Wallet is still working hard to advance, its Android app is already on the market, and iOS is expected to be launched in September. In addition to the maintenance period, the application is always available at any time, and only a portion of the fee is charged for the withdrawal of yen and encrypted assets. According to the news report: "The app enables customers to effectively manage their encrypted assets while still having many other features, such as confirming assets stored in Lotte Wallets, buying and selling encrypted assets and real-time rate charts."

Lotte Group is now a comprehensive group of online shopping malls, credit card companies and Japan's largest online banking, and also has a real baseball team. With the wave of encryption that Lotte has set up in the East, integration and promotion on a global scale, other giants will also be eager to follow suit. This process will not last long.

Original link: Bitcoin.com| "Japan Amazon" Lotte launches encryption transaction service

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