Rakuten to allow its users to convert loyalty points to cryptocurrencies
|- The move is aimed at making cryptocurrency use and trading easier.
- Users need to register with the Rakuten Wallet and they can exchange loyalty points using the exchange’s app.
Rakuten, an e-commerce giant in Japan, will now allow its users to convert their earned loyalty points to bitcoin (BTC), ether (ETH) and bitcoin cash (BCH) cryptocurrencies. As per an announcement, the service is facilitated by Rakuten Wallet - a cryptocurrency exchange by Rakuten. One loyalty point, dubbed “Rakuten Super Point,” is worth one yen (~$0.0091) when converted to cryptocurrencies.
However, the company noted that only regular Rakuten Super Points can be exchanged and not “Limited Time Points.” The announcement also stated that the users have to convert at least 100 super points into cryptocurrencies. Rakuten further clarified that the service is focused on minimizing the hurdles of entry to cryptocurrency trading by providing an easier way to access the market. Users need to register with the Rakuten Wallet and can exchange loyalty points using the exchange’s app.
However, the company has set some limitations regarding the transactions. In a single transaction, “Diamond” members can convert a maximum of 50,000 points, while other members can only convert 30,000 points. And in one month, Diamond members can convert a maximum of 500,000 points and other members can only convert 100,000 points.
Rakuten Wallet is registered with the Kanto Local Finance Bureau under the country’s Payment Services Act. It was previously known as “Everybody’s Bitcoin Inc.” In March 2019, the exchange changed its name and began offering spot trading services in August. Rakuten said at the time that it believes “the role of cryptocurrency-based payments in e-commerce, offline retail and in P2P [peer-to-peer] payments will grow in the future.”
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