In a move aimed at reducing the barriers of entry to cryptocurrency trading, the Japanese giant Rakuten will now allow you to convert loyalty points to cryptocurrencies.
According to reports by The BlockCrypto, the currently supported cryptocurrencies are bitcoin, ether and bitcoin cash.
Rakuten is the Japanese equivalent to Amazon, and the service of converting loyalty points to cryptocurrencies is being provided by Rakuten’s cryptocurrency exchange, Rakuten Wallet, according to an announcement made Tuesday.
One “Rakuten Super Point” is equivalent to one yen (~$0.0091) when converted to cryptocurrencies.
“Limited Time Points” cannot be exchanged. Instead, only regular Rakuten Super Points can be exchanged, the company said. To get started, users need to have an account with Rakuten Wallet (registration is free) and then via the exchange’s app.
Rakuten said the service is aimed at reducing the barriers of entry to cryptocurrency trading by providing an easier way to access the market.
However, limitations have been set on the number of Rakuten Super Points that can be exchanged per transaction and per month.
In one transaction, “Diamond” members can convert a maximum of 50,000 points. Other members can only convert 30,000 points.
In one month, "Diamond" members can convert a maximum of 500,000 points and other members can only convert 100,000 points.
Rakuten Wallet is a licensed cryptocurrency exchange in Japan, formerly known as “Everybody’s Bitcoin Inc.,” (the exchange changed its name in March this year), and started offering spot trading services in August.
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