Japanese retail giant Rakuten now lets its customers convert its Rakuten Group loyalty points to major cryptocurrencies like Bitcoin (BTC).
According to an official announcement on Dec. 24, this capability is immediately available for Rakuten users in Japan who have an account with Rakuten Wallet, a crypto exchange subsidiary of Rakuten.
The company says its clients can convert their loyalty points to three different cryptocurrencies, including Bitcoin, Ether (ETH), and Bitcoin Cash (BCH).
The minimum crypto purchase is $0.90
With one Rakuten Super Point worth one Japanese yen (approximately $0.009), users need to have at least 100 such points to meet the minimum for an exchange. Crypto assets cannot be converted back into Rakuten Super Points, and the amount of daily and monthly transactions are capped at 30,000 points and 100,000 points as default, respectively.
Cointelegraph contacted Rakuten to find out more details about the scales of its loyalty program but had yet to receive a response as of press time. This article will be updated pending any new comments.
Rakuten intends to boost crypto adoption
By launching this new service, Rakuten Wallet apparently 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.”
Launching its virtual currency exchange back in March 2017, Rakuten is known for acquiring major Japanese crypto exchange Everybody’s Bitcoin in 2018. Often referred to as “Japan’s Amazon,” Rakuten is estimated to be worth $14.5 billion as of late December 2019.
Rakuten is not the only company that lets users in Japan exchange loyalty program points for crypto. In August 2019, crypto exchange bitFlyer partnered with technology services company Tpoint Japan to enable its Japanese customers to convert loyalty program points to Bitcoin, as well as earn rewards for paying in crypto.