Japanese retail big Rakuten now lets its prospects convert its Rakuten Group loyalty factors to main cryptocurrencies like Bitcoin (BTC).
In line with an official announcement on Dec. 24, this functionality is straight away obtainable for Rakuten customers in Japan who’ve an account with Rakuten Pockets, a crypto trade subsidiary of Rakuten.
The minimal crypto buy is $0.90
With one Rakuten Tremendous Level price one Japanese yen (roughly $0.009), customers must have a minimum of 100 such factors to fulfill the minimal for an trade. Crypto property can’t be transformed again into Rakuten Tremendous Factors, and the quantity of each day and month-to-month transactions are capped at 30,000 factors and 100,000 factors as default, respectively.
Cointelegraph contacted Rakuten to seek out out extra particulars in regards to the scales of its loyalty program however had but to obtain a response as of press time. This text will probably be up to date pending any new feedback.
Rakuten intends to spice up crypto adoption
By launching this new service, Rakuten Pockets apparently goals to spice up cryptocurrency adoption whereas selling its loyalty program. The corporate stated within the announcement:
“Rakuten Pockets hopes to cut back the limitations of entry to crypto asset buying and selling by offering a simple and extra accessible means for brand new customers to start out, together with novice customers who’re occupied with crypto asset buying and selling with no prior expertise.”
Launching its digital forex trade again in March 2017, Rakuten is thought for acquiring main Japanese crypto trade Everyone’s Bitcoin in 2018. Usually referred to as “Japan’s Amazon,” Rakuten is estimated to be price $14.5 billion as of late December 2019.
Rakuten will not be the one firm that lets customers in Japan trade loyalty program factors for crypto. In August 2019, crypto trade bitFlyer partnered with know-how providers firm Tpoint Japan to allow its Japanese prospects to transform loyalty program factors to Bitcoin, in addition to earn rewards for paying in crypto.