Popular crypto wallet and e-commerce platform Rakuten has announced that its users can now convert their loyalty points into digital currencies.
The e-commerce giant made this announcement on Tuesday, December 24, 2019. Users will be able to trade their loyalty points for bitcoin, bitcoin cash, and ether.
This initiative, according to the company, will make it easy for users to try out crypto trading. Thereby, improving crypto adoption in the region. To make use of the service users will need to register with Rakuten Wallet. The registration comes with zero charges.
According to the announcement, only regular Rakuten Super Points can be converted to crypto. “Limited Time Points” are not eligible. To use this feature, users must have at least 100 super points. Currently, one “Rakuten Super Point” is the same as one yen. Which is approximately $0.0091.
Rakuten Super Points allow exchanging points in various ways. In one transaction, “Diamond” members can convert a maximum of 50,000 points, while other members — 30,000 points. Besides, “Diamond” members have a monthly threshold of 500,000 points; others — a monthly limit of 100,000 points.
Besides, Rakuten Wallet also serves as a trading platform. The service is currently only available on Android devices but plans to add support for iOS ones as well.
Registered in Japan with the Kanto Local Financial Bureau, the company was previously known as “Everybody’s Bitcoin Inc. The exchange revised its name in March 2019. In August, it started offering spot trading services.
Back then, Rakuten pointed out that “the role of cryptocurrency-based payments in e-commerce, offline retail and in P2P [peer-to-peer] payments will grow in the future.”
To remind, in August, Rakuten Wallet launched Bitcoin, Ethereum and Bitcoin Cash spot trading.
Previously, Altcoin Buzz reported that OKex has announced it has begun Bitcoin options trading.