Rakuten, Japan’s banking and e-commerce conglomerate, are now allowing their customers to convert loyalty points gained through transacting with the group’s Rakuten Ichiba and Rahuten cards. By holding a Rakuten wallet, users will be able to seamlessly exchange Rakuten Super Points for either Bitcoin (BTC), Bitcoin Cash (BCH) or Ethereum (ETH).
One Rakuten Super Point is valued equivalent to one Japanese yen and users must convert a minimum of 100 points (worth approximately $0.90 USD). Customers are limited to 30,000 or 50,000 points per order depending on their contracted service level and monthly ceilings of 100,000 or 500,000 are also imposed.
Leverage to Expand Service
Operated through the Rakuten Wallet, a consolidated subsidiary of the main Rakuten Group, the new service is intended to reduce the barriers to crypto adoption and asset trading by introducing an accessible on-ramp for those with no prior experience.
According to Rakuten Wallet personnel, the cryptocurrency storage and virtual currency exchange business will “…further expand its services by leveraging Group synergy.”
The Rakuten Group were supporting payments in BTC in the U.S.A. as early as 2015 and, as the shirt sponsor of Spanish football club Barcelona and the National Basketball Association’s Golden State Warriors, Rakuten have enjoyed considerable air-time on global sports networks to become a well-known brand outside of Asia.
Cryptocurrency and digital assets have featured in links with various Rakuten subsidiaries and this summer, Jonathan Wong, Director of Product at Rakuten Viki joined the Theta Advisory Council to help guide the development of the blockchain-based reward streaming service, Theta.