E-commerce giant Rakuten, known as the “Amazon of Japan”, has just announced a new service to boost the mainstream adoption of cryptocurrencies.
The company’s subsidiary Rakuten Wallet, a cryptocurrency exchange launched in April, is now allowing users to convert loyalty points into crypto.
By using the Rakuten Wallet app, customers in Japan who have a Rakuten Wallet account, as well as loyalty points, can convert them into Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH).
While there are restrictions on the number of points that can be exchanged per transaction and per month, the new service is designed to increase adoption of leading cryptocurrencies.
According to the announcement,
“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.”
The service is also broadening the range of uses for Rakuten Super Points for its millions of customers.
According to data compiled by Statista, the Japanese retail giant has steadily grown the number of members on its platform to approximately 107 million in the second quarter of 2019, up from 68.1 million in the third quarter of 2014.
Featured image: Shutterstock/PopTika