Rakuten Users Will Be Able To Swap Points For Crypto

All of the Rakuten users, on the Japanese e-commerce platform, will be able to exchange their loyalty points for three leading cryptocurrencies as the company announced earlier today as we are reading further in the crypto news.

According to the official statement, the details which were shared by the Japanese media outlet Crypto Watch, the e-commerce giant will let the Rakuten users redeem their Rakuten Super Points for Ethereum, Bitcoin and Bitcoin cash but they will have to own a Rakuten Wallet account in order to do so. The customers will also need to have a 100 points minimum in their accounts to use this service. The company also placed a 100,000 point transaction cap on the monthly exchanges and an additional individual transaction cap of $30,000.

Rakuten is one of Japan’s biggest companies and some even call it the Amazon of Japan. The company hopes that this move will increase the number of people that use cryptocurrency and expand further the scope of the points services. The online services of the platform include media and streaming, mobile services, financial services, Viber chat app, and sports-related businesses. It also plans to launch a Rakuten coin in the near future so the customers in countries aside from Japan, can also be able to earn Super Points but the announcement doesn’t really appear to mention the overseas customers.

The Rakuten Group Company says that their services have more than 1.3 billion members. The exchange also began offering spot trading via the Rakuten Wallet in August this year with a few yen pairings for BCH, ETH, and BTC. The company even purchased Financial Services Agency-licensed crypto exchange dubbed Everybody’s bitcoin back in 2018 for more than $2.4 million. As previously reported, the company was preparing for an avalanche of crypto-related activities at the time and expanded the scope of a forthcoming token launch and lobbying the city of Tokyo for another legislative reform.

According to the other related news, Rakuten marked a positive step in the infrastructure of the growing industry. The e-commerce giant made a huge crypto boom in 2018 when it acquired Everybody’s Bitcoin and spent more than $2.4 million on the crypto exchange. The deal has led to a lot of speculation about Rakuten’s involvement in the industry but later the rumors were shut down when the company revealed that it would be launching a crypto exchange later this year.