Japanese retail giant Rakuten now allows its customers to convert their Rakuten Group loyalty points into major cryptocurrencies such as Bitcoin (BTC).
According to an official announcement on December 24, Rakuten users in Japan can use this feature immediately, these users have an account in Rakuten's cryptocurrency exchange subsidiary Rakuten Wallet.
The company says its customers can convert their loyalty points into three different cryptocurrencies, including Bitcoin, Ether (ETH) and Bitcoin Cash (BCH).
The minimum purchase of encryption is $ 0.90
With a Rakuten Super Point worth a Japanese yen (approximately $ 0.009), users must have at least 100 points to meet the minimum for an exchange. Crypto assets cannot be converted back to Rakuten Super Points, and by default, daily and monthly transaction volumes are limited to 30,000 and 100,000 points, respectively.
Cointelegraph contacted Rakuten for more details on the scales of his loyalty program, but he had not yet received a response at the time of publication. This article will be updated pending further comments.
Rakuten intends to boost the adoption of cryptography
By launching this new service, Rakuten Wallet is clearly aiming to increase cryptocurrency adoption while promoting its loyalty program.
Launching its virtual currency exchange in March 2017, Rakuten is known for acquiring the main Japanese cryptocurrency exchange Bitcoin Everybody in 2018. Often known as "Amazon of Japan," Rakuten is estimated to be worth $ 14.5 billion to the end of December 2019.
Rakuten is not the only company that allows users in Japan to exchange loyalty program points for cryptography. In August 2019, the bitFlyer encryption exchange partnered with the technology services company Tpoint Japan to allow its Japanese customers to convert loyalty program points into Bitcoin, as well as to earn rewards for paying in crypto.
