Japan has always been a crucial region for bitcoin and other crypto assets. That situation will only grow more interesting following Rakuten’s new initiative.
The retail giant has embraced bitcoin quite some time ago.
A Big Gamble by Rakuten
It is an accepted payment method on the online store, but the company looks well beyond that aspect.
Starting this week, the company will provide a conversion system for its loyalty points.
Rakuten customers can exchange those points for select cryptocurrencies.
At this time, bitcoin, bitcoin cash, and ethereum are supported.
It seems unlikely that any more digital assets will be added to this list in the future
This service is provided with the help of Rakuten Wallet, the giant’s native exchange service for crypto assets.
It is crucial to note that this offer only extends to Rakuten Super Points.
Any Limited Time Points will adhere to their normal use cases.
It is a very interesting way of combining cryptocurrencies and loyalty services into one product.
As is usually the case, artificial limits will be imposed regarding conversion rates and how many points can be exchanges per month.
Solutions like these can push cryptocurrency adoption in Japan to new levels.
If successful, it will create a potential precedent for other retailers around the world to take note of.