Rakuten Wallet Enables Loyalty Points Conversion into Crypto

Rakuten Wallet, the crypto wallet and trading platform of the Japanese financial services giant, on Tuesday announced that it has enabled users to convert Rakuten Group’s loyalty points to digital assets.

Per the announcement, the Rakuten Super Points can be converted into three digital currencies – Bitcoin, Ethereum, and Bitcoin Cash. The loyalty points holders, however, should have an account on Rakuten Wallet.

The company stated that the users need to have a minimum of 100 Rakuten Super Points to exchange it for cryptocurrencies. Moreover, one Rakuten Super Point is equivalent to one yen when converted to crypto-assets, the financial giant detailed.

“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 announcement noted.

“The service also increases the range of uses for Rakuten Super Points across the Rakuten Group’s ecosystem of services, making the Rakuten loyalty membership program even more attractive and convenient.”

The Japanese company also capped the maximum transaction limit of the points for single transactions, along with a maximum monthly cap of 500,000 points.

Rakuten Wallet Bringing crypto to the mainstream audience

Rakuten Wallet is the digital currency wallet and trading platform of the Japanese conglomerate and was launched in August. The platform supports trading with three digital assets and is one of the few such regulated platforms in Japan.

The company also detailed that initially the loyalty points exchange service will only available on Android devices, but it has plans to bring support on iOS devices as well by next month.

Earlier this year, Monex-owned Coincheck launched similar loyalty points exchange services for Macromill Points against multiple digital assets – Bitcoin, Ethereum, and XRP.