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Rakuten allows customers to convert loyalty points into crypto

Fri, 27 Dec 2019, 11:21 am UTC

Japanese retail giant Rakuten is now allowing customers to convert their Rakuten Group’s loyalty points program to crypto assets.

In a press release dated Dec. 24, Rakuten Wallet, a cryptocurrency exchange operator and a subsidiary of Rakuten, announced the launch of a new service that would enable customers to convert Rakuten Super Points into crypto assets via its app.

The new service will allow Rakuten users in Japan with a Rakuten Wallet account to convert their loyalty points into three crypto assets – Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH). Crypto assets could not be converted into Rakuten Super Points.

“Through the launch of the new service, 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,” Rakuten Wallet said.

Users need to have a minimum of 100 Rakuten Super Points to use the service. Also, there are restrictions on the number of Rakuten Super Points that can be exchanged per transaction and per month.

“Number of points that can be converted in one transaction: 50,000 Rakuten Super Points for Diamond members, 30,000 Rakuten Super Points for other members,” the release said. “Number of points that can be converted per month: 500,000 Rakuten Super Points for Diamond members, 100,000 Rakuten Super Points for other members.”

Rakuten acquired crypto exchange Everybody’s Bitcoin in August 2018 for 265 million yen. Later renamed as “Rakuten Wallet,” the crypto exchange launched spot trading service and its Android app in August this year.

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