Japan’s online retailing firm Rakuten now lets customers convert its Rakuten Group loyalty points to cryptocurrencies.
On Dec. 24 an official announcement by Rakuten stated that the feature is available for the users of Rakuten in Japan having an account with Rakuten wallet, a crypto exchange subsidiary of Rakuten.
Rakuten says that users can now convert their loyalty points to three different cryptocurrencies:
Bitcoin (BTC)
Ether (ETH)
Bitcoin Cash (BCH)
Rakuten Aiming To Boost Cryptocurrency Adoption
Users need to have at least 100 points to meet the minimum for an exchange. In this case, one Rakuten Super Point is worth one Japanese yen (approximately $0.009).
<img width="1000" height="600" src="https://www.cryptonewspoint.com/wp-content/uploads/2019/12/kapri-Bitcoin-1000x600-1.jpg" alt="rakuten loyalty points crypto" class="wp-image-7696 lazyload"/>
However, crypto-assets cannot be converted back into Rakuten Super Points. The amount of daily and monthly transactions are capped at 30,000 points and 100,000 points as default, respectively.
Rakuten Wallet aims to boost cryptocurrency adoption while promoting its loyalty program. The company said in the announcement:
“Rakuten Wallet hopes to reduce the barriers of entry to crypto asset trading by providing an easy and more accessible way for new users to start, including novice users who are interested in crypto asset trading with no prior experience.”
Rakuten is often referred to as “Japan’s Amazon” while estimated to be worth $14.5 billion as of late December 2019.
Source: Cointelegraph | Rakuten
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