Rakuten Wallet Enables Loyalty Points Conversion into Crypto

Rakuten Wallet, the crypto wallet and Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term of the Japanese financial services giant, on Tuesday announced that it had 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 Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. 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.

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.