Promoting cryptocurrency adoption! Rakuten users can convert "reward points into Bitcoin".
Japanese internet giant Rakuten announced yesterday that it will allow users to convert their loyalty points from the Rakuten Group into mainstream cryptocurrencies such as Bitcoin, Ethereum, and Bitcoin Cash (BCH).
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According to the official announcement from Rakuten Group, users in Japan can now immediately utilize this feature, provided they have an account with Rakuten's subsidiary operating cryptocurrency exchange Rakuten Wallet.
Enhanced Membership Program
Users are able to convert Rakuten Super Points, the loyalty points within the Rakuten Group's loyalty program, into cryptocurrency assets through the Rakuten Wallet mobile application. The specific rules are as follows:
- 100 Super Points is the minimum exchange unit, approximately equal to 1 point worth about 0.009 US dollars
- Cryptocurrency assets cannot be converted back to Rakuten Super Points
- Daily exchange limit: Diamond members 50,000 points; Regular members 30,000 points
- Monthly exchange limit: Diamond members 100,000 points; Regular members 30,000 points
Rakuten's Efforts to Boost Cryptocurrency Adoption
Through this new service, Rakuten Wallet evidently aims to increase the adoption of cryptocurrency and promote its loyalty program. Rakuten stated in the announcement:
Rakuten Wallet hopes to reduce barriers to cryptocurrency trading by providing a simple and accessible entry point for new users, including beginners interested in cryptocurrency trading.
In fact, Rakuten Group established the exchange Rakuten Wallet back in 2017 and acquired the Japanese cryptocurrency exchange Everybody’s Bitcoin in 2018. That same year, they announced a 9 billion USD investment to introduce blockchain technology into their loyalty program, launching Rakuten Coin as a tokenized loyalty point.
Furthermore, Rakuten is not the only company allowing Japanese users to convert loyalty program points into cryptocurrency. In August of this year, the cryptocurrency exchange bitFlyer collaborated with tech service company Tpoint Japan, enabling their Japanese users to convert loyalty points into Bitcoin and receive rewards in cryptocurrency payments.
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